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

Treasury's work in terms of advising government on the numbers and the impact is reflected in the budget papers. Treasury has been undertaking continued consultations since budget day in a number of areas, and those consultations have led to a number of amendments which, as I foreshadowed earlier, the government will move. So Treasury has been doing continued work on these reforms and will continue to do so as subsequent tranches of legislation come before this chamber.

I think my earlier evidence remains. Treasury do a lot of analysis to inform the numbers that are reflected in the budget. That considered tax reform as a component of feeding into those productivity assumptions. If you look at some of the evidence to the committee through the submission process, some of the experts talk about this having small but positive impacts on productivity for the economy. If you look at the ANU Tax and Transfer Policy Institute's inquiry submission, it says the same as some of the independent experts who provided evidence, including in an open letter from some academic experts, which says:

The existing CGT discount rewards investment based on tax minimisation rather than genuine productivity. Replacing it with cost base indexation across all assets will help reduce that damaging incentive.

So Treasury's advice to government that leads to the numbers in the budget has been addressed at estimates. The further work Treasury's been doing has really been consulting on those areas we identified on budget night.