What was debated in Parliament
Summarised using AI from the official Hansard transcript of the debate only. It is not a record of the debate and may leave things out. Read the Hansard below to check it.
This bill sets a 30 per cent minimum tax on capital gains from 1 July 2027. It was debated together with a companion bill that swaps the 50 per cent capital gains discount for inflation indexing, limits negative gearing to new homes, and adds a $250 worker tax offset and a $1,000 standard deduction. Most of the debate was about the capital gains and negative gearing changes, how they affect housing, small business, startups and investors, and whether the bills were being rushed.
Arguments made in support
Government members said taxing only gains above inflation is fairer than the 50 per cent discount, which they said has pushed investment towards existing homes since 1999.
Supporters said limiting negative gearing to new builds steers investment into new housing and will help about 75,000 more people buy a home. Existing investments are grandfathered.
Government members said the $250 offset and $1,000 deduction cut tax for over 13 million workers and make tax time simpler. Coalition members said they supported these two parts.
The government said the minimum tax stops people delaying gains until low-income years. Pension and JobSeeker recipients are exempt, and small business concessions were widened in Senate amendments.
Several independents and the Greens backed the housing tax changes in principle, saying property tax breaks have favoured investors over first home buyers.
Arguments made against, or for changes
Coalition members opposed the capital gains and negative gearing changes. They said these broke an election promise, raise $77 billion in tax and mean 35,000 fewer homes.
Coalition and Nationals speakers said the changes would hurt small businesses, family farms, trusts and self-funded retirees paying 30 per cent on modest gains. They promised repeal.
Independents said extending the changes beyond property would hurt startups and young share investors. Kate Chaney moved to limit them to property; others wanted a longer inquiry.
The Greens said the bill did not go far enough. They argued grandfathering for investors with many properties was too generous and left large tax breaks in place.
Crossbench senators said the process was rushed and gave the Treasurer too much power. David Pocock withdrew amendments on death and divorce after government assurances.
420 speeches by 131 members in the House and Senate over 8 sitting days.
Hansard: House of Representatives, 28 May 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 2 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 3 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 4 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 22 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 23 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 24 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 25 June 2026 ›
The official Hansard (PDF), Parliament of Australia
Every party member who voted went with the majority of their party.