My question is to the Minister representing the Prime Minister, Senator Wong. The Housing Industry Association has slammed Labor's proposed 30 per cent trust tax, warning: 'Every week, the government tells Australians they want more homes. Every month, it seems there's another tax or piece of regulation that makes building them harder.' Why is the Prime Minister hitting family owned building businesses with yet another tax when Australia is already in a housing crisis and desperately needs more homes built?

Thank you to Senator McGrath for the question. I make the same point I made in response to Senator McKenzie, I think it was. It is the case the government is introducing a minimum 30 per cent tax on distributions from discretionary trusts from July 2028. It is the case that the vast majority of Australians will not be affected. As I said, 95 per cent of Australians do not receive income from a discretionary trust. As a result of that tax package—those changes—we have been able to provide a tax cut, for every working Australian. Herein lies the rub for those opposite. They have committed to roll back these tax changes, which inevitably—

Of course.

I'll take the interjection 'of course'. That means one of two things: either they have to increase taxes on Australians or they have to increase debt. At the last election, Senator Hume went to the election arguing for higher deficits and higher taxes. That's quite a remarkable feat. Unfortunately, where you are now under the Taylor opposition is that you are heading for even higher taxes and higher debts.

Senator McGrath, first supplementary?

Labor's own Treasury consultation paper acknowledges its trust tax will increase compliance costs, force business restructuring and create additional complexity. Why is the Prime Minister deliberately making it more expensive and more difficult for builders and tradies to operate when Australians are crying out for more homes?

First, again, I would make the point, in relation to housing, that we've had a long discussion over a number of months in this place, including with Senator Bragg, about the way in which the government is backing new supply, and so, Senator McGrath, what I would say to you is that it is interesting that you are pro supply in relation to trusts but not pro supply in relation to the whole range of other policies, whether that is in relation to first home buyers or the HAFF, that the government has introduced. The second point I'd make is that this is legislation which is intended to start on 1 July 2028, and we are providing expanded options to limit or eliminate restructuring costs for affected trusts.

Senator McGrath, second supplementary?

Labor has attacked the housing sector by increasing capital gains tax on investment properties, abolished negative gearing for purchase of existing homes and stopped self-managed super funds from being able to borrow to purchase property and is now proposing a 30 per cent trust tax. How many more taxes will the Prime Minister impose on the very Australians he needs to solve the housing crisis?

We are providing a tax cut for every working Australian, and we want young Australians to be able to own their own home. It's a pity those opposite do not share that objective and that desire that we have on our side to make sure more Australians can fulfil the Australian dream of owning their own home. That is what we are about. On that, I ask that further questions be placed on the Notice Paper.