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

On the point of order, I'm very happy to withdraw, Senator Kovacic. I will always recognise those on your side who do stand up for multiculturalism.

As I was saying, what the government is doing is replacing the 50 per cent capital gains tax discount with a new discount that is based on inflation, with gains accruing from 1 July 2027. That will apply across all asset classes. That is part of a package which also will involve working Australians getting a tax cut—