Jim Chalmers
Rankin · Australian Labor Party · Australia
“It's why we have delivered and are delivering an ambitious budget defined by reform and resilience and responsible economic management. We've been delivering for the Australian people while the member for Hume has been destroying the Liberal Party. We've been delivering for Australians. He's been destroying the once great Liberal Party.”
“I acknowledge the member for Gellibrand and thank him especially for his work on Asian capability and the big report that he has just released as the chair of the education committee. Today is obviously a very important day.”
“We don't just acknowledge those challenges; we are addressing them. That's why we are delivering more tax cuts for Australian workers, more pay rises for people on awards and the minimum wage and a fairer tax system for first home buyers.”
“It's because every time the Australian people need them to vote to help them with these real pressures that they face, they vote to make things worse rather than better. They leave this parliament today more divisive and more divided than ever. We leave this parliament today delivering for the Australians who sent us here.”
“On Friday, we learned that the deficit for the year just finished will be smaller than anticipated at budget time, and we know from the AOFM this week that our debt will be $200 billion less than the trajectory we inherited from those opposite. If those opposite had their way, there'd be bigger deficits and more debt.”
“The member for Macquarie is a wonderful representative of workers and small businesses and families in her beautiful part of Australia. Today is a really important day, as the Prime Minister said a moment ago. We are delivering tax cuts.”
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“Since the war in the Middle East broke out almost four months ago, we have seen higher fuel prices around the world. We welcome that prices have moderated significantly from these peaks in Australia, providing our motorists some much needed relief. Since the end of March, petrol prices in most capital cities have been around 90c a litre lower and diesel prices in most capital cities have been more than a dollar per litre lower since the end of March. Since the conflict started at the end of February, petrol prices are lower in almost all capital cities and diesel prices are on average around 20c per litre higher. This bill recognises that, although fuel prices have moderated, people are still under cost-of-living pressure. Australians didn't choose this war, but they continue to face the costs and consequences of it.”
“Following discussions at National Cabinet, the states and territories have also indicated that they are willing to contribute to this discount. I thank the Prime Minister and the state and territory leaders for the outcome of those discussions today with the Minister for Climate Change and Energy. In addition to this bill, we are also reducing the heavy vehicle road user charge by 16c per litre, which will save truckies $64 on a 400-litre tank of fuel. Here I pay tribute to the Minister for Infrastructure, Transport, Regional Development and Local Government for her work. This bill to extend fuel excise relief is both responsible and responsive. It's responsive to changing global circumstances and the pressures that people are under.”
“But, even after the signing of that deal, even after the proper opening of the Strait of Hormuz—we'll still be paying a hefty price for these hostilities long after they end. Despite the welcome and substantial drop in fuel prices, we know that people are still under pressure. That's why we're taking action to provide a bit more help to Australian motorists and small businesses. The bill extends fuel excise relief for another month, making petrol and diesel 16c per litre cheaper compared with normal prices, saving Australians around $11 per tank. It follows our three-month cut to the fuel excise of 32c per litre that we announced in March. This additional support will commence on 1 July and run to 2 August in line with the scheduled fuel excise indexation date.”
“I move: That this bill be now read a second time. Today the Albanese Labor government is introducing the Treasury Laws Amendment (Fuel Excise Relief No. 2) Bill 2026. This bill will extend fuel excise relief for another month to take some of the sting out of petrol prices and help Australians with the cost of living. It does so in a considered and calibrated way, acknowledging that support is still needed while tapering that support over time as we return to more normal settings. We welcome last week's agreement between the United States and Iran, but we desperately need that agreement to stick. We need the Strait of Hormuz to be opened and to stay open. We cannot afford another false dawn or another false start. From an economic point of view, the end of the war in the Middle East cannot come soon enough.”
“Actually, a large part of the work that the Assistant Treasurer and I do with the ABA and directly, bilaterally, with the banks is about the next steps. When it comes to regional banking, we do have more work to do there. We've been up front about that. I acknowledge Simon Birmingham and others who have been working very closely on that, and we hope to make some more progress before long. We've also been working with the regulators and with communities to try to find sustainable solutions here. We do recognise how important regional banks are to regional communities like the honourable member's. That's why we've taken significant steps and it's why there'll be more to come.”
“Between 2017 and 2022, the number of bank branches in regional Australia fell by 29 per cent—about 700 regional bank branches closed under our predecessors. Since we came to office, we've negotiated a moratorium on branch closures for 2½ years to ensure no regional branch closures by the major banks before 27 July. We've secured increased investments in Bank@Post—I acknowledge the communications ministers for that. We've delivered the cash acceptance mandate and released draft legislation on the cash distribution regulatory framework, and our support for regional banking is having a real impact in communities across Australia. The rate of closures under our watch has actually plummeted. Having said all of that, we do acknowledge that there is more work to do.”
“I thank the honourable member for her question. If they're still around, I acknowledge the school from her local community in the parliament as well. We have taken substantial action since that committee report was handed down. I appreciate that the honourable member is asking me about a process response to the committee inquiry, but we haven't waited for that. We've actually been taking some quite significant steps. I acknowledge the former assistant treasurer and the current Assistant Treasurer for all the work that we do in this regard, because we know that local banks can be the lifeblood of country towns, including your beautiful part of Australia. That's why we worked really hard to keep essential banking services in regional Australia, recognising how important they are.”
“When it comes to the examples that the honourable member has used, in every case—or in almost every case—they would be included in the new, much higher threshold for small-business turnover. I understand that the honourable member is asking whether those businesses would apply for this kind of concession. I'm saying that they would apply for another kind of concession, which would have a similar effect. So— So the hairdresser is going to be turning over more than 10 million bucks, is it, mate? It might be where you get your hair cut! Opposition members interjecting— I do. I'm envious!”
“If they don't want there to be a fairer go for first home buyers, if they don't want to better align the tax treatment of labour and asset income—as the shadow treasurer called for in his book and in the parliament on multiple occasions—and if they don't want to cut taxes for workers, they should just say so. They shouldn't be hiding behind this dishonest scare campaign that the shadow treasurer is especially guilty of.”
“Once again, I think it says everything about the shadow treasurer that he is trying to weaponise a scare campaign against the types of changes that he called for in this parliament and in his book. This is a shadow treasure who, time and time again, called on the government to make changes of this kind. Then, when we do it, he tries to weaponise a scare campaign against it. What those opposite really want—what their vote the last time this parliament sat tells the whole country is that, when they're given the option to vote to make it easier for first home buyers, they vote against it. When they're given the option to vote for more tax cuts for workers, they vote against it. In that regard, they're no different to One Nation, the Nationals or the Liberals. They are all the same when it comes to that.”
“He's a bit slow on the uptake, Mr Speaker. We announced some time ago that there would still be a discount capital gains. It would move to a discount which reflects the real gains that people make rather than an arbitrary figure—point No. 1. Point No. 2 is, just on Thursday, we announced the next steps in the legislation for the really important tax reforms that we announced on budget night. What that made clear was that 98 per cent of all active businesses will be able to access concessions and carve outs when it comes to the CGT system. We made that very clear. One hundred per cent of active small businesses get access to the higher turnover threshold, and that means 98 per cent of active businesses get access to carve-outs and concessions when it comes to those existing concessions in the system.”
“Whether it's slashing the fuel tax, better pay, tax cuts or a fair go for first home buyers, we are taking action and delivering real change to ease the cost of living and help Australians earn more and keep more of what they earn. The three right-wing parties over there are standing in the way of our tax cuts, better pay and a fair go for first home buyers in this country.”
“As I was saying a moment ago, this is what separates us from the three right-wing parties in Australia over there. We're delivering tax cuts for every taxpayer, better pay for workers and a fair go for first home buyers, and the three-ring circus over there is standing in the way of all three of those things. That is the absurd irony of Australia's political system. One Nation talks a lot about helping workers, and the coalition talks a lot about tax cuts, but they vote against both of those on the floor of the parliament. Every time they have the opportunity to vote for higher wages and lower taxes, the right-wing parties opposite, instead of voting the way that the workers of this country need them to, vote the way that Gina Rinehart and Geoff Wilson tell them to.”
“But it's not the only way we're helping people with the cost of living. We're cutting taxes for 13.3 million workers, again and again. We've got five tax cuts in all. We've got better pay for workers and we're delivering a fair go for first home buyers as well. As it turns out, from next week the national minimum wage will increase by six per cent and modern award wages will increase by 4¾ per cent following that good decision from the Fair Work Commission advocated for by this Labor government and this employment minister. From next week as well our tax cuts for more than 14 million Australians will start to roll out—one of those five ways that we're cutting taxes for workers. And the tax reforms we've put before the parliament will help younger Australians get ahead and to get a fair go, particularly first home buyers.”
“Thanks for that question from an absolute champion, the member for Calwell. Helping people with the cost of living is a primary focus of this Albanese Labor government. That's why the Prime Minister announced on the weekend that we'll be extending that fuel excise relief for another month, making petrol and diesel 16c a litre cheaper and saving Australians about $11 per tank. This is more temporary and tapered support that will help take the sting out of petrol prices and help more Australians with the cost of living. That's because, despite the welcome and very substantial drop in the price of petrol in recent months, we recognise that people are still under pressure, and this extra month of fuel relief will help Australian motorists and businesses with the cost of living even as this support begins to taper off.”
“There is nothing extraordinary about treasurers of either political persuasion settling definitions in this manner. I've finished my answer.”
“If the honourable member knew anything about tax legislation, he would know that these are not extraordinary powers, and the legislative instruments that are used to determine definitions in the tax system are disallowable by the parliament in the usual way. I don't remember hearing any of this from any of those opposite when governments of the opposite political persuasion had exactly the same kind of system. Now, if any of those opposite knew anything about tax legislation, they would know that big tax reform is done in tranches of legislation and that the definitions are settled in legislative instruments, which can be disallowed by the parliament. The problem that the member opposite asking the question has is just because you can get someone to write this rubbish doesn't make it true. It doesn't make it true.”
“This side of the House doesn't just acknowledge that there are issues in the housing market and in the tax system; we're prepared to take difficult decisions to address those challenges, not just try and benefit from them politically, like the three right-wing parties do. Labor is delivering tax cuts. We're helping first home buyers into homes. Those opposite voted for higher taxes and to lock tens of thousands of Australians out of the housing market. That's what the vote earlier today was all about.”
“Today was a very big test for the coalition, and they failed it once again. One of the reasons why there are fewer of them over there in this term of parliament than in the last term of parliament is because, in the last term of the parliament, they listened to the member for Hume when he told them all to vote against tax cuts. Today they have repeated the same mistake once again. They have voted against tax cuts before, and today they have voted against tax cuts once again. This side of the House is proud to support the working people of this country. Those opposite voted against them. We are proud to support first home buyers in this country. Those opposite voted against them. We take our intergenerational responsibilities to young people seriously, even if those opposite do not.”
“These are the Australians who would otherwise have been locked out of housing if those opposite had had their way but will now be able to find and buy a home of their own, thanks to the legislation proudly supported by this side of the House. And the Working Australians Tax Offset is the most meaningful permanent increase to the effective tax-free threshold since Labor last increased it, more than a decade ago. As I said, more than 13 million Australian workers will benefit. We're funding these tax cuts for workers through our reforms to make Australia's tax system fairer. That's why the four elements were presented in one bill today. Because of this government, the average worker will be better off by up to $2,816 a year. If those opposite had their way, every one of those workers would be paying higher taxes.”
“A big thanks to the member for Bullwinkel for her great question and also for voting for tax cuts today, including for many of Australia's nurses, and the member for Bullwinkel was a nurse herself. This government and this week are all about higher wages and lower taxes for workers and a fair go for first home buyers. The legislation that we passed through the House today will cut taxes for more than 13 million Australian workers. It will make tax time simpler for Australia's workers and it will help more first home buyers into housing. Our tax reforms are the most significant in more than a quarter of a century. They will help tens of thousands of Australians into homes.”
“There are a range of things we're doing, in addition to the 1½ million sole traders who will benefit from another tax cut from this government. As the honourable member knows, we will do further consultation on the implementation details of parts of this legislation. That's entirely consistent with what we said in the budget papers and entirely consistent with how tax reform is undertaken by governments of both political persuasions. In the course of doing that consultation, in good faith, we look forward to talking more with the small-business community and its leaders.”
“Our changes will mean that some people will actually pay less tax, depending on their circumstances, because the current arrangements undercompensate some investors for inflation while overcompensating others. Also, in the trusts changes that we have proposed there is generous rollover relief for small business. In the budget more broadly, Mr Speaker, you can see that we are big supporters of small business. The budget was all about helping small businesses to invest and grow $3½ billion in tax cuts for business, particularly small business—whether it's making the instant asset write-off permanent, whether it's the two-year loss carryback, whether it's the loss refundability or whether it's expanding tax incentive for venture capital.”
“Thank you to the honourable member for these amendments. I also want to thank COSBOA, particularly Skye Cappuccio, for the engagement the government has been doing, the consultation we have been doing, with the small business sector. I acknowledge as well the wonderful work of the Minister for Small Business, who's been doing some of this engagement and consultation as well. As the honourable member I think rightly acknowledged, or has on other occasions, there are four CGT concessions for small businesses, and we're keeping all of them. That means that eligible small-business owners pay reduced or no capital gains tax when the time comes to sell. The vast majority of small-business owners are eligible for these concessions on top of the indexation or the current discount.”
“That would disrupt markets and reduce the integrity of the system. On the minimum tax, we're making sure that the tax rate that people face will be more in line with the rate that they faced during their working life and with the tax rate paid by most workers. These reforms will make the system fairer and more efficient. They mean people will be more accurately compensated for inflation, and they reduce the incentive to defer selling assets until it's most advantageous in tax terms. For those reasons, we won't be supporting the amendments put forward by the member.”
“Thank you to the member for putting her amendments. Of course, in the legislation before the House we are making the sorts of changes that the member has long called for to address a number of serious challenges in the system, which the member has long railed against. The idea that people don't have an opportunity to express their views doesn't stand up to scrutiny, particularly in relation to the member for Wentworth, who has been included over a long period of time in these sorts of deliberations. On the specifics raised by the member, when it comes to income averaging, the reason that the Ralph review proposed removing averaging was for integrity reasons. When it comes to the indexation of losses, if we allowed that, that would mean that more people would sell and repurchase the same assets to offset other gains.”
“That's why it's so important to apply these changes broadly—so that, in future, investment decisions are driven by economic outcomes rather than by what delivers the best tax outcome. It's part of a bill, as we said in response to the earlier amendments, which is all about cutting taxes for workers, making it easier for people to buy their first home and better aligning the tax treatment of labour and asset incomes. For those reasons, we'll be supporting the bill unamended.”
“House prices have risen by more than 400 per cent since 1999, which is more than twice as fast as average full-time earnings. At the same time, the proportion of Australians who own shares has declined by almost 20 per cent. Our reforms will mean that investors in all asset classes will be accurately compensated for inflation in line with the original intent of the CGT regime, and our changes mean some people may pay less tax. For example, on average, over the past 20 years, the indexation approach would have been broadly neutral or even a bit more generous for share investors. Only applying the CGT changes to property would replace one big distortion with another. Thanks to Howard and Costello, we've had a tax system that has been misallocating investment across our economy for a quarter of a century now.”
“Thank you to the honourable member for Warringah. The first and most obvious point is that there is still a capital gains tax discount under this legislation, just one that better reflects the real gains that people make. The reforms in this bill are about reducing distortions in the market that have been encouraging people to invest in established houses rather than in other assets like units or shares. The current 50 per cent discount is arbitrary. It undercompensates some investors for inflation and overcompensates others. Since the Howard government introduced the 50 per cent CGT discount at the turn of the century, there's been a big decoupling between housing and incomes, as the honourable member has acknowledged on other occasions.”
“When I introduced this bill, we said it presented a choice: a choice between cutting income taxes for Australian workers or keeping them higher, a choice between standing with first home buyers or locking more Australians out of the market, a choice between taking our intergenerational responsibilities seriously or defending a broken system that locks too many young Australians out of the Australian dream of homeownership. Today, in front of the whole country, they have chosen higher taxes on workers. They've chosen to lock more Australians out of the housing market. They've chosen a broken system. This side of the House is standing with workers. We're standing with first home buyers. We're standing with the next generation, and that's why we will pass this bill unamended.”
“This bill will implement the most ambitious tax reform package for a quarter of a century—a package that cuts income taxes for every Australian worker, again and again, and they're against it; a package that makes it easier for people to buy their first home, and they're against it; a package that better aligns the treatment of labour income and asset income, and they are against it. These reforms are brought together in one bill because one part of the bill helps fund the other part of the bill.”
“That entire five-minute rant from the opposition leader can be summarised in one sentence. The coalition is voting against tax cuts once again. Once again, not having learnt from the first time they made this mistake, they're all lining up and limbering up to make the same mistake that they made 15 months ago. And that's the reason why the Opposition Leader was shaking. That's the reason he was shaking, because, the last time he got this wrong, he sacrificed a whole generation of backbenchers. And now they want to do it again.”
“As those opposite are aware, charitable trusts are exempt from the minimum, and there are other exemptions as well. When it comes to fixed trusts, for example, they are exempt, and there are other kinds of exemptions and concessions built into the proposal that we put in the budget. As always when it comes to tax reform of this kind, the final implementation details are subject to the usual kind of consultation.”
“I thank the member for McEwen for his question and also for being an absolute champion of the working people in his communities in and around Melbourne and the outer suburbs. Today's national accounts, as the PM said, showed that the Australian economy grew 0.3 per cent in the March quarter and 2½ per cent through the year. This is a very solid outcome in the circumstances. We have our fair share of challenges in our economy, but we've also got sturdy foundations as well. This is the equal fastest annual growth in almost three years—”
“It turns out that the five per cent number that the shadow Treasurer is using includes the March quarter of 2022. Now, we were elected in May of 2022, the first time. So I thought to myself, 'I wonder why he's including the March quarter of 2022 and pretending Labor was in office when the coalition was in office.' Let me tell you why he's doing that. It's because productivity in the March quarter of 2022 fell by 2.3 per cent, and that was the biggest fall in productivity in more than 40 years. So it always pays to check the numbers. The shadow Treasurer got the fuel excise wrong, he got his fuel security policy wrong, he got the number of shareholders amongst young people wrong and he got the dual mandate for the Reserve Bank wrong—again and again and again.”
“I just said to the Deputy Prime Minister that I hope the shadow Treasurer asks me about productivity, and he has. There are three reasons I'm pleased he's asking me about productivity. The first reason is that the budget we handed down from this dispatch box a few weeks ago was more focused on the productivity challenge than were any of the budgets handed down by those opposite in the wasted decade of missed opportunities that preceded us. That's the first point. The second point is that I'm told that the shadow Treasurer put out a press release today talking about productivity, and this is what he said about productivity. He said productivity is down by five percent since this government took office. So I checked out that number, and I'm pleased that I did. I want to tell the House why I'm pleased I checked out that number.”
“A similar example is superannuation valuation rules. Governments of both persuasions have done it this way. Foreign investment reform from Prime Minister Morrison left a lot of details and definitions to the subordinate laws. So it's not unusual for legislation to be progressed in this way. I don't remember governments or treasurers of other political persuasions being subjected to the same sort of feedback about these standard arrangements. You had no problem with it when Mr Howard did it. You had no problem with it when Mr Morrison did it. This is the way that—”
“Mr Speaker, I wouldn't have given another question to the member for Goldstein either. He did. I thank the honourable member for her question. When it comes to the tax arrangements in the legislation, what we are proposing is not different to what we've seen when it comes to other tax legislation. I know that there's been yet another beat up, today, about this from those who want the broken status quo in housing and tax to continue to lock young people out of housing. But the truth is—the fact is—that it's not unusual for tax laws to work this way or for definitions to be finalised by legislative instrument, which can be disallowed by the parliament. I'll give you some examples. Under the Howard government there were the debt equity rules, subordinate rules overriding general allocation of debt or equity status.”
“If anybody is looking for evidence that the member for Goldstein is not the sharpest tool in the shed, how about him asking about tax cuts on the day that their party room decided to vote against tax cuts for 13 million Australian workers?”
“This week and this government are all about higher wages and lower taxes for workers and a fair go for first home buyers. In that context, as the Minister for Employment and Workplace Relations said, we welcome the Fair Work Commission decision today. This is the pay rise that millions of Australian workers need and deserve. This is the sustainable real wage increase that the minister and I sought when we made the submission on behalf of the government. Because of this decision and because of this government, more Australians will be earning more and keeping more of what they earn. Because we're cutting income taxes five times in three different ways, the average worker will be better off by up to $2,800.”
“Thanks to the member for Sturt for her question but also for the very significant role that she plays in our team in her first term, representing a really beautiful part of Adelaide. This is a really important week for our economy, with the national accounts coming out tomorrow. In the context of all of this global economic uncertainty, any growth will be welcome in those figures. Any through-the-year growth with a two in front of it would be a welcome outcome. We've got investment booming in the first quarter, we've got exports off quite substantially and we've got public demand making no contribution to growth in the first quarter. We know that already. We'll see the rest of the numbers tomorrow. But this week is also very significant for a couple of other reasons.”
“Generation after generation would pay a heftier price for that cowardice. Economic reform is always accompanied by dishonest scare campaigns, but those dishonest scare campaigns will not deter us. This legislation is all about cutting taxes for workers, and those opposite don't want us to do that. It's about making it easier to buy a first home, and those opposite do not want to see that happen. It's about better aligning the tax treatment of labour and assets.”
“They don't understand that aspiration and opportunity are not things that you learn about from focus groups, and they can't be things that our kids read about in history books either. If we accept that generations of Australians are at risk of being disregarded and disconnected from our economy and our society, then we have a responsibility to act on that. When the country wants things to change, they are clinging to a busted status quo which locks too many Australians out of housing and out of our economy more broadly. It would be easier but it would be wrong to leave things exactly as they are. Governing is about seeing problems in our economy and our society and taking decisive and difficult steps to address those challenges, as we are doing on this side of the House, not leaving them for somebody else to fix.”
“I thank the member for Moreton for her question and also for the opportunity to share with her the responsibility of representing the great people of the southern suburbs of Brisbane, on her side of Compton Road and my side of Compton Road. I appreciate the question. The legislation we introduced today was part of the most ambitious tax reforms that we've seen in this place for a quarter of a century. That legislation is about three things. It's about cutting taxes for workers, it's about making it easier to buy a first home and it's about better aligning the tax treatment of labour and assets. Anybody who votes against this legislation is voting for higher taxes on workers and for a broken status quo in the housing market. Those opposite have done this before, and they look like making the same mistake again.”
“I move: That this bill be now read a second time. In thanking my colleagues who are here and for all of the reasons that I have just outlined, I commend this bill to the House as well. Full details of the measure are contained in the explanatory memorandum. Debate adjourned.”
“It's about making the right decisions, even when they are politically contentious. It's about making difficult decisions, and dealing with issues which have been neglected for too long, even when it would be easier to do nothing at all. Most of all, this legislation is about cutting taxes for workers, making it easier to buy a first home, and better aligning the tax treatment of labour and asset income. That's why I commend the bill to the House. Debate adjourned.”
“This means the overwhelming majority of small businesses can pay reduced or no capital gains tax when they sell. These are the facts. It's also a fact that this bill presents a choice—a choice between cutting income taxes for Australian workers, or keeping them higher; a choice between standing with first home buyers, or locking more Australians out of the housing market; between taking our intergenerational challenges and responsibilities seriously, or defending a broken system that fails future generations. This side of the House is proud to stand with workers and first home buyers. We are proud to make the tax system fairer for the next generation of Australians. This is about making a difference, not just marking time. It's about taking the hard road of reform not the path of least resistance.”
“Further consideration will also be given to a range of specific details such as interactions with attribution managed investment trusts (AMITs), tax consolidation, residency changes, along with any other relevant issues. Where appropriate, these details will be finalised in subsequent legislation following consultation. We know that these changes are contentious. We have seen dishonest scare campaigns already and deliberate distortions of the truth. But the facts matter and I want to make those facts clear. Firstly, we are not introducing a tax on inheritances or inherited assets. Secondly, people will still have their capital gains tax reduced under the new system, with the reduction now accurately reflecting inflation. Thirdly, the vast majority of small businesses in this country will remain eligible for generous CGT concessions.”
“Legislating significant tax reform in tranches is a standard approach, consistent with how other governments have undertaken tax reform, and it's appropriate to ensure the core policy features that apply broadly to most taxpayers are in place first. This provides certainty to taxpayers and the market, while enabling further consideration and consultation on subsequent tranches of legislation dealing with more complex or specific policy issues. As outlined in the budget papers, the government is consulting with stakeholders on the treatment of capital gains of small and startup businesses where indexation is applied to a low or zero cost base.”
“This ensures that taxpayers who made investment decisions under the existing rules will not be affected by these changes. Investors that support government housing priorities will be exempt from the changes. This will include build-to-rent developments and dwellings provided as social or affordable housing. We are presenting these elements in one bill not just because they are related but because one part helps fund the other. This is the first tranche of legislation to implement the very significant tax reform package announced in the budget. There will be further legislation on specific implementation details and other parts of our tax reform package.”