Sam Birrell (Nicholls, National Party, Shadow Assistant Minister for Regional Health) Share this | Link to this | Hansard source

My question is to the Minister for Agriculture, Fisheries and Forestry. Peak agricultural bodies are warning that farmers are exposed to massively high capital gains tax under your government's budget. The National Farmers' Federation has said:

The concern is these changes could force families to delay succession, take on more debt or even sell parts of the farm just to manage the tax impact.

Minister, will you guarantee Australian farming families that they won't be worse off under Labor's budget of broken promises and higher taxes?

Julie Collins (Franklin, Australian Labor Party, Minister for Agriculture, Fisheries and Forestry) Share this | Link to this | Hansard source

I thought we dealt with this yesterday, frankly—more scare campaigns from those opposite. Let's be honest about this. Yesterday, I quoted the National Farmers' Federation, who are pleased that the government has listened to them, and you coming in here talking about things like this is really not very helpful. The budget is very clear that the capital gains tax changes start from 1 July 2027 and apply only to gains from that date. It's very clear. It's also very clear that, of course, the small-business exemptions that are there mean that a lot of farmers right across Australia will be exempt. Indeed, the latest ABS data says that nine in 10 businesses in the agriculture, forestry and fisheries industry will be eligible for these discounts.