Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) | Hansard source

I thank Senator Sterle for the question. I acknowledge Senator Sterle's dedicated his entire career to working on behalf of working people, and it's with the support of all of those on this side of the chamber and in the other place that we have put forward this legislative agenda, this important tax reform package, which passed the Senate just before question time today. This is a victory for workers, first home buyers and future generations. The bill that passed today will help ensure that aspiration and opportunity are the birthright of every Australian, not just some. Today we've locked in two more rounds of income tax cuts for millions of Australians, a fair go for first home buyers and a fairer tax system that better aligns the treatment of labour and asset income.

This bill delivers on three objectives: it cuts taxes for every Australian worker again and again, it makes it easier for people to buy their first home, and it better aligns the tax treatment of income earned from wages with income earned from assets. The bill has four key elements that are central to the tax reform package, including a $250 working Australian tax offset for over 13 million Australian workers and a $1,000 instant tax deduction for workers. It reforms negative gearing, to apply to new builds only from 1 July 2027, and returns the capital gains tax concession to its original intent by reintroducing cost-base indexation so that only real gains are taxed. So we're reforming the tax system for workers, businesses and future generations. This is more assistance for working people from a government which cuts income taxes whenever we responsibly can. And we're now cutting income tax five times in three different ways. (Time expired)