My question is to the Assistant Treasurer and Minister for Financial Services. How will the Albanese Labor government's tax reform make the system fairer for workers and homebuyers?

I thank the member for Macarthur for his question. The member for Macarthur understands the importance of the government's tax reforms in helping working Australians and also in making our tax system fairer. The Albanese Labor government believes that Australians who work hard deserve to keep more of what they earn and also that young Australians deserve a fair chance to own their first home. Since the budget we have already legislated significant reforms. This includes providing 13.3 million Australian workers with a permanent $250 per year tax cut through the working Australian tax offset. When we combine this with our other tax cuts and the $1,000 instant tax deduction, an average Australian worker could be around $2,800 better off from 2028. Our reforms to negative gearing and capital gains tax will help support 75,000 more Australians into the housing market as owner-occupiers. We have also made the $20,000 instant asset write-off permanent. This is something that small businesses have been calling out for for years. These reforms are all about making our tax system fairer. That means rewarding hard work, supporting aspiration and ensuring everyone gets their fair share.

The government is now focused on delivering the next tranches of legislation to implement our ambitious tax reform package. We are introducing a minimum tax on discretionary trusts from 1 July 2028. This will improve the fairness, integrity and sustainability of the tax system, and importantly they will help fund the tax cuts for the workers that I outlined above—sustainable, affordable tax cuts. There are legitimate reasons to use trusts, and anyone operating through a discretionary trust can continue to do so. However, the current settings are becoming unsustainable, with the number of discretionary trusts more than doubling over the last 20 years to over 800,000. We know that 90 per cent of trust wealth is held by the wealthiest—

The minister will pause. When I put people on warnings, that means not interjecting, but people ignore that, so now I'm going to take action. The members for Goldstein, Herbert and Maranoa will leave the chamber.

The member for Goldstein, t he member for Herbert and the member for Maranoa then left the chamber.

When I say something on behalf of the chamber, I mean it. You may choose to ignore it, but all members should respect the standing orders. Unbelievable.

The vast majority of small businesses don't operate through a trust. Less than 10 per cent of small businesses will be affected in any given year. The introduction of a minimum tax on discretionary trusts will improve the fairness, the integrity and sustainability of the tax system by broadly aligning the tax on distributions with the tax an average worker pays.

We are also legislating to implement tax incentives that support innovation and investment. The package is about backing small businesses and start-ups, including in the biotechnology and medical technology sectors, supporting more research and innovation and ensuring a more sustainable tax system. Taken together with our previous changes to negative gearing and capital gains tax, our reforms will make it easier for first home buyers to buy their first home. They will rebalance incentives towards investment, they will make the tax system fairer for workers, they will boost productivity, and they will support small business.