Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) | Hansard source

Thank you to Senator Polley. Senator Polley speaks about every community across the nation. I use this opportunity to welcome three mayors from South Australia to the Senate chamber. The Albanese Labor government's reforms will mean 2.7 million active small businesses—98 per cent of all active businesses—will be eligible for capital gains tax concessions. This is what they're going to vote against. We are also consulting on the new innovative business capital gains tax, which would mean a 50 per cent discount for early-stage investors, founders and employees in innovative startups. We back workers, and we are backing small business. Unlike you. You're going to vote against these changes. Our reforms are about tax relief and tax reform to make our economy work for more Australians, for more businesses and for future generations.