Australian Treasury
I move that this Bill be now read a second time.
Today we are proud to introduce the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026.
Speaker, this is a Bill for workers, first home buyers and future generations.
It is the first step in the most ambitious tax reform package for a quarter of a century.
It will help ensure aspiration and opportunity are the birthright of every Australian, not just some.
This Bill delivers on 3 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 labour income and asset income.
The Bill has 4 core elements:
- A new $250 Working Australians Tax Offset for over 13 million Australians
- A $1,000 instant tax deduction for workers
- Reforming future negative gearing to apply to new builds from 1 July 2027
- And returning the capital gains tax to its original intent by reintroducing cost base indexation so that only real gains are taxed.
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