Jerome Laxale
Bennelong · Australian Labor Party · Australia
“The interim report makes 13 recommendations in time for the government and the parliament to consider their implementation before the next federal election. The committee has recommended reviewing the thresholds under the significant third party and associated entity framework to capture coordinated involvement in elections at scale.”
“Many describe this assault by third parties identified in submissions to the committee, like the Plymouth Brethren and ADVANCE, as a fundamental disruption to the foundations of our free and fair voting process. This parliament cannot ignore this evidence.”
“On behalf of the Joint Standing Committee on Electoral Matters, I present the committee's interim report incorporating dissenting reports entitled Inquiry into the conduct of the 2025 federal election . Report made a parliamentary paper in accordance with standing order 39(e).”
“These recommendations respond directly to the many accounts of overwhelming, unsafe and intimidatory experiences at polling places during the 2025 federal election in targeted electorates.”
“It is also considering universal voter access and the suitability of authorisation requirements, noting our rapidly changing communication technology. The inquiry is also looking at domestic interference in our electoral processes. There have been 360 submissions to the inquiry to date.”
“In order to protect the electoral process, the committee recommends that the matter of domestic interference be considered and addressed as a priority.”
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“Not all of the inquiry's terms of reference are addressed in this interim report, and more evidence needs to be sought and considered with regard to the use of generative AI in electoral matter, the consideration of fixed and extended terms of parliament and on the size of parliament as a whole. The committee will continue to hold public hearings, consider evidence and address all terms of reference in its final report due in November 2026. I move: That the House take note of the report.”
“In order to protect the electoral process, the committee recommends that the matter of domestic interference be considered and addressed as a priority. The committee also heard that the authorisation framework and requirements for electoral matter are increasingly out of step with our communication and technological landscape and lack clarity regarding third parties engaging in political communication. Recommendations have been made to ensure accountability for communications and that the AEC has appropriate enforcement powers to remove or block non-compliant material. The committee also recommends that privacy and safety risks be urgently addressed in relation to public access terminals.”
“These recommendations respond directly to the many accounts of overwhelming, unsafe and intimidatory experiences at polling places during the 2025 federal election in targeted electorates. To counter concerns about deliberate interference in Australia's electoral processes, the interim report recommends a review of electoral laws to protect the process and, importantly, to protect voter experience from domestic interference. Interestingly, the Election Integrity Assurance Taskforce, while easily able to define and identify foreign interference, did not do the same for domestic interference. In the face of evidence received by the committee to date, a strong argument can be made that any behaviour designed to dissuade participation in the electoral process could be considered domestic interference.”
“The interim report makes 13 recommendations in time for the government and the parliament to consider their implementation before the next federal election. The committee has recommended reviewing the thresholds under the significant third party and associated entity framework to capture coordinated involvement in elections at scale. The committee has also recommended that an enforceable and mandatory code of conduct be developed for all participants at polling places. Recommendations also include registration for polling booth campaigners and strengthening the AEC's statutory powers to address misconduct at polling places. The interim report recommends the creation of a new campaign zone in which the code of conduct is enforceable and that the number of campaigners and the amount of campaign signage is reduced and regulated.”
“It is also considering universal voter access and the suitability of authorisation requirements, noting our rapidly changing communication technology. The inquiry is also looking at domestic interference in our electoral processes. There have been 360 submissions to the inquiry to date. Many submissions illustrate experiences with aggressive and intimidating conduct at polling places and a rise in activity by third parties in the electoral process. Submissions have also highlighted concerns regarding the authorisation and enforcement of political advertising, especially in an evolving technological landscape. The committee has conducted 12 hearings in locations around Australia, with evidence received from a range of witnesses.”
“Many describe this assault by third parties identified in submissions to the committee, like the Plymouth Brethren and ADVANCE, as a fundamental disruption to the foundations of our free and fair voting process. This parliament cannot ignore this evidence. In an electoral system where it is compulsory for adults to participate, every effort must be made to ensure that the electoral process is safe, fair and inviting for all involved. In reviewing the 2025 election, the committee is considering a purported increase in antisocial conduct which impacted this experience for voters, political participants, volunteers and Australian Electoral Commission officials. The inquiry is also looking at potential reform to safety and security arrangements, including the AEC's powers and capacity to address this conduct.”
“On behalf of the Joint Standing Committee on Electoral Matters, I present the committee's interim report incorporating dissenting reports entitled Inquiry into the conduct of the 2025 federal election . Report made a parliamentary paper in accordance with standing order 39(e). by leave—Australians have a lot to be proud about: our values and culture, our lifestyle and natural environment and our economy and standard of living. We should also be incredibly proud of our world-class electoral system. For a long time we've had the privilege of participating in a healthy, vibrant and safe democracy characterised by high standards of conduct, transparency and fairness. But something happened at the 2025 federal election. It was something that felt like an assault on our democracy, especially in targeted seats.”
“In 2021, he was recognised as the Lane Cove Citizen of the Year for his outstanding and sustained contribution to community life. Over the years, he has also provided valuable services to residents who need it most, like working with the Delvena Women's Refuge to provide essential food and grocery items. Lastly, I'm honoured to recognise Mr Paul Ballard of Macquarie Park as a recipient of the Emergency Services Medal. His commitment to Marine Rescue New South Wales has continued over 21 years, where he currently holds the leadership role of master and unit commander at Port Jackson. On behalf of Bennelong, I thank all the recipients for their outstanding contributions as true assets to our community. I'm so honoured to be able to represent them here in this place.”
“Professor Margaret Schnitzler of Hunter's Hill received the award for her distinguished contributions to innovative surgical training, research and tertiary education. She has pioneered the field as Australia's first colorectal surgeon and served as the first female professor of surgery at the University of Sydney and co-deputy head of the Sydney Medical School. Bennelong had two recipients of the Medal of the Order of Australia this year. Mr Roderick Cooke of Lane Cove was recognised for his service to the community through a range of organisations. Sydney Community Services has seen Mr Cooke excel as a board member since 2016. Since 2003, he's been the vice president of the Lane Cove RSL sub-Branch. Mr John Devine of Lane Cove was awarded for service to the Lane Cove community.”
“His long-term work has involved the reduction of the effects of cytomegalovirus infection for pregnant women, which is the second most common cause of severe disease in Australian neonates. Congratulations, Professor Rawlinson, and thank you for your work. Two Bennelong residents received an Officer of the Order of Australia this year. Professor Elizabeth Elliott of Hunters Hill was awarded for her distinguished service to paediatric medicine, Indigenous children's health and women's health. She's renowned for her work in preventing, diagnosing and treating foetal alcohol spectrum disorder and helping to develop the Australian national guidelines to minimise substance use during pregnancy.”
“Today, I'm honoured to recognise the six members of Bennelong who received King's Birthday awards recently. Each in their own right has embodied key values of compassion, integrity and service to better our community and the world around us. I'd like to congratulate the following people. Receiving a Companion of the Order of Australia, and only one of five Australians to receive one this year, was Professor William Rawlinson of Riverview. He received this incredible honour for his eminent service to the medical sciences as a virologist through clinical research, education and national and international public health. He played a crucial role in shaping Australia's response to the COVID-19 pandemic and is a critical asset to the Therapeutic Goods Administration Laboratory.”
“My question is to the minister for infrastructure. How is the Albanese Labor government delivering important infrastructure projects across Australia, and what other approaches to infrastructure is the government being asked to consider?”
“They have genuine concerns about the impact of this data centre on their community. Their local concerns are the frontline indicators of whether our state planning systems can manage this boom, and they are exactly the types of examples as to why the federal government should and has stepped in. We cannot allow a 'build first, ask questions later' approach. Energy security, water sustainability and community impact need to align with our national interests and our community values. The Albanese Labor government will keep working across this parliament, the states and territories to get this right.”
“These expectations have been backed by the Water Services Association of Australia, the Smart Energy Council and the Australian Council of Trade Unions. Engagements from the states, who control many of these levers, has been positive to date and is ongoing. Labor also expects global operators to make their computing power available to Australian startups and to partner with Australian researchers so that the benefits are to Australian businesses. This matters, because it goes to the question underneath the entire debate. We can be a country that merely consumes intelligence built elsewhere, or we can be a country that helps build it, that owns the infrastructure and that trains the people that grow our local economy. In Lane Cove West, residents are writing to me about the proposed data centre at Mars Road.”
“That much is settled. What is not settled is the federal government's place in it. The position of this government is that it is far better to set the terms of a boom at the outset than to fix the consequences a decade later, which is why we have released five key expectations. I'll focus on a few. Labor expects that data centres must bring their own new renewable energy supply to offset their demand, so they are not drawing down power that should go to households and businesses. That's important. Labor expects that data centres must pay their full share of network infrastructure costs, so those burdens are not passed on to consumers. And Labor expects that data centres should use innovative, efficient and sustainable solutions to minimise fresh water use.”
“The plan has three goals: to capture the opportunities, to share the benefits and to keep Australians safe. One of the earliest priorities of that plan was developing clear data centre expectations, which were released only a few months ago. Over the last two years, data centres have become one of the most contested pieces of economic infrastructure globally. Advocates call them the factories of a new age and a great tool for productivity. Critics call them giant sheds full of computers that consume electricity and water and create few jobs. They say that we risk the same mistakes that we made in resources. Both these views contain truths, and our job as a government is to assess both of these views openly with honesty and make decisions in the national interest. The AI economy is arriving whether we are ready or not.”
“Applications are made through various planning systems on industrial land often zoned by state and local governments and assessed and determined at either the state or local level. Where those local and state governments have not used the planning system to prohibit or regulate their construction, they are essentially permissible. For that reason, it would have been very easy for this federal government to wash their hands of responsibility here, to simply say: 'You know what? This is a state issue, a planning issue, and not our problem.' But this government has not chosen that path. In fact, much of the urgent action that the member for Warringah is calling for in her MPI is already underway by this federal Labor government. In December last year, the government announced our national AI plan.”
“I welcome this opportunity to debate the future of artificial intelligence data centres in Australia and in particular what role the federal government should play as the world scales up investment in this critical digital infrastructure. In speaking on this, I'd particularly like to acknowledge Minister Ayres and the assistant minister, the member for Parramatta, for their mountain of work in this space juggling the real opportunities of this digital revolution but also the real and genuine concerns of local communities just like mine. As a former mayor and someone who has always been adjacent to planning processes, I can tell you that the construction of data centres in local communities is overwhelmingly a state issue.”
“Despite from the crows of those opposite, we've landed that consultation, and I'm proud to stand here and back them in, because, on top of the four existing concessions that were kept for small business and conveniently ignored by those opposite, we'll also extend the eligibility of the 50 per cent active asset reduction to more businesses by vastly increasing that threshold. It's sat at $2 million since about 2007. It hasn't been changed by successive government, including those opposite. It has taken a Labor government to listen to small business, to listen to COSBOA and to listen to members of our Labor caucus and come up with a concession of increasing that $2 million threshold to $10 million. That means that every active small business in the country will have that CGT exemption, and they should.”
“Let's not forget that they went to the last election saying that they were going to increase taxes. We're here today saying that we're going to reduce taxes for Australian workers. Contrast their position on increasing taxes with what we've announced, which will pass the parliament this week. Our budget will make it easier for people to own their first home. It will help level the playing field and better align the tax treatment on income from work to income earned from other very legitimate ways. And we will improve productivity by encouraging innovation and investment, particularly for small business. Now, I want to say here that I came out early and said publicly that we needed to get our consultation with small businesses right.”
“Instead of fanning the flames of division, on this side we are working with Australian workers and with industry to change things for the better, particularly for young people. We're doing this by delivering yet another round of permanent tax relief with the $250 working Australians tax offset. On top of this, we're introducing a brand new $1,000 instant tax deduction, which will help people save around $200 to $300 on their tax bill each and every year. If you add that up, over the four years since we've come to office, we have cut income taxes in many different ways. On average, that's nearly $2,800 back in the pockets of someone on average income by the time they're all done in 2028, and each and every tax cut we've brought to this place and into the Senate the Liberals and Nationals have voted against.”
“Now they've got a new friend under their blue, green and orange umbrella, joining them to vote against tax cuts, to vote against support for small business, to vote against tax reform which will help 75,000 Australians buy their first home. They are teaming up, the three right wing parties, to ensure that Aussie workers don't get the tax cuts that they deserve, and they're teaming up to say: 'Look, everything's fine in the way our system works. Everything's fine when young people are locked out of the housing market for a generation.' They do not want to change a thing. Well, we're not like them, so let's set the record straight. Labor knows that Australians are facing real cost-of-living pressures. We know that this has been a challenge not only here in Australia but for people right across the world.”
“I wish I could make this MPI today make sense, because, on the very same day that the government has announced that the parliament will pass legislation which will deliver tax cuts for every worker, a fairer tax system for first home buyers and $3½ billion in new tax arrangements for small businesses and announced that we will extend the capital gains tax exemptions for each and every small business in the country—despite all that and despite that we announced all of this just this morning, we are sitting here listening to this absolute rubbish from those opposite, opposing each and every one of those changes. But should we really be surprised? This has been their modus operandi for four years now since the Liberals and Nationals were voted out of office.”
“We are home to people from so many cultures and backgrounds, and that is something we should all celebrate. One of our best Australian values is our ability to welcome those from abroad and to celebrate their culture and customs together. This value is something we can all be proud of. I'm so excited to watch Australia come together as we cheer on this fantastic team, who will trounce the Turkish, annihilate the Americans and prevail against the Paraguayans. To the 2026 Socceroos and head coach Tony Popovic, go well. Go the Socceroos!”
“Australian multiculturalism is the backbone of modern Australia, and one of our most multicultural teams and one of our most multicultural sports is soon to pull on the green and gold for Australia at the FIFA World Cup. The Socceroos have always been great representatives of our country, and once again this year when they hit the field they'll represent Australia in its truest sense. We've got players with backgrounds from Burundi, Zimbabwe, Croatia and South Sudan and of course those born here. Many of the 26 players are migrants or descendants of them. The 2026 Socceroos are a microcosm of modern, multicultural Australia. They hold a special place in my heart because when I cheer them on I see a reflection of the diverse communities across this country, just like the one I grew up in. This diversity is integral to Australia's identity.”
“This budget is about two things. It's about coming to terms with the errors of the past. It's about listening to young Australians and working with them to set up an Australia with a fairer future. It takes political courage to fix the structural errors of the past. While others sit here to defend a broken status quo, my electorate has told me again and again that the status quo is broken and that things need to change. To me, this budget represents a positive line in the sand. This is the change our economy needs, the change our budget needs. We're doing this at the right time for the right reasons, and I commend this bill to the House.”
“We know that there are many factors driving up prices in the Australian housing market, but we also know that the status quo cannot remain. This is what just shocks me about the response from the opposition, where they've openly said they're going to vote down this important bill, which includes tax cuts and helping people to get into their first home. We know that the status quo isn't working. It's not working for productivity. It's not working to get more people into homes. It's not working for working Australians, who bear the burden of the tax take of the Commonwealth. These reforms will give 75,000 first home buyers their entry into owning their own home and will help reverse a decade of decline in homeownership rates. Other reforms will balance the burden currently on the back of Australian wage earners across the country.”
“There are explicit exemptions for income support recipients, age pensioners and super funds. This important change is about levelling the playing field between those who earn their income primarily via wage and those who earn it via other legitimate means. It is a really important reform that has long been talked about. Of course, there are smooth transitional arrangements, as any good government would do. For assets that are already owned, the 50 per cent discount will still apply for growth accrued up to 1 July 2027. From then on, any capital growth, if there is any, will apply under the new system. To keep our focus squarely on supply, investors in eligible new builds will also retain the choice of having that 50 per cent capital gains discount on nominal gains or the new model.”
“Instead of that blunt 50 per cent discount on nominal gains, an asset's original cost base will be adjusted upward for inflation using CPI. This is important because it means that you will only pay CGT on your real gains, not your nominal gains. In high-inflation environments, like the one we're in right now, this calculation may actually leave many investors with a lower capital gains taxable amount than before. In fact, if the asset growth is less than twice the rate of inflation, then the taxable amount is most likely to be less than under the current system. Secondly, we're implementing a 30 per cent capital gains minimum tax rate. This baseline rate will apply to net capital gains after inflation is factored in. But, crucially, we've protected vulnerable Australians.”
“The second lever of change is, of course, changes to the capital gains tax. When the modern CGT discount was introduced by the Howard government in 1999, it completely distorted the market. By offering this blunt blanket 50 per cent discount on nominal capital gains, it made speculating on property far more financially attractive than investing in other, productive assets. It created an intersection between the housing market and the tax system that slammed the door shut on a generation of young Australians. Our goal here in these reforms is to neutralise these distortions and, importantly, not introduce new ones but bring a fairer, more neutral treatment for capital gains. First, we're introducing a new capital gains discount model based on indexation.”
“To address this, we are limiting negative gearing for residential property investments to new builds only. This is something even the former treasurer of this country, Joe Hockey, supports, except that he said that on his way out. He said that in his valedictory. This is a government that recognises that this policy position needs to change, and we've got the guts to change it. Negative gearing will remain fully available for newly built homes, for certain government supported housing programs and for existing investors under strict grandfathering rules. If you want to invest in property, we want you to channel your investments into creating new supply because that's good for you and it's also good for the country. Encouraging the construction of new homes is an important policy position we need to get to.”
“But while building supply is vital and while supply, supply, supply has been at the forefront of our housing agenda, it had become abundantly clear to me and to members of my community that more was required in order to level the playing field. We had to look at the tax distortions that had been actively shutting people out from owning their first home. For decades, our tax system has rewarded investors for simply swapping existing properties back and forth, driving up prices without adding a single room to our housing stock. This policy mistake, made by John Howard and Peter Costello, was designed to get more people to invest in the share market. Instead, it left existing housing stock as the most lucrative of investments, distorting the market and shutting out a generation from homeownership.”
“You need the footpath, the pipes and the power. This $2 billion will unlock up to 65,000 new homes across the country, and we're cutting red tape to get it done. To access this fund, states and territories must take decisive action to speed up planning approvals. We're also looking after those at the very sharpest end of this crisis, not ignoring them anymore. We're investing $59.4 million for states and territories to secure social housing for more than 4,000 eligible young people at risk of homelessness. And I commend the Special Envoy for Social Housing and Homelessness, the member for Macnamara, for all his work in this field.”
“Our Homes for Australia plan is now more than $47 billion, and we're incredibly proud of our achievements so far and the progress that is being made. The Housing Australia Future Fund is delivering more than 200 affordable and social units in Bennelong. The five per cent first home deposit guarantee is unlocking more than 1,000 people in my electorate to buy their first home. Our Build to Rent reforms will see more than a thousand Build to Rent units coming into Bennelong alone, let alone across the country. And of course there is our agreement with the states and territories to build more homes through the National Housing Accord. This budget goes further. We are putting an extra $2 billion into enabling infrastructure through the Local Infrastructure Fund, because you can't build homes without the basics.”
“How can we look the next generation in the eye and tell them, 'Just save harder,' when the goalposts haven't just been moved but have been launched into another stratosphere? My community had told me time and time again that the status quo isn't working and that this Labor government needed to do something to change it. That's why, at this budget, we've taken the difficult but necessary decision to fix the Howard and Costello mistake of 1999. We're here to fix that error and to address the deep structural inequality in how different forms of income are taxed so that every working Australian can benefit. Those opposite, and plenty in the media, will say we aren't doing enough on supply. But, again, the facts speak for themselves. This budget builds on what has already been the most ambitious housing agenda since World War II.”
“It's all there in the numbers. In 1999 the average cost of a first home in this country was between 5.5 and 5.7 times the average salary. That was achievable. It required effort, but it was within the realm of reality. Fast-forward to today. The national median house value has skyrocketed to a staggering 15.1 times the average full-time salary. Even a typical small unit, the traditional entry point for a young couple, now costs about 8.1 times that salary. Bringing it closer to home, in Bennelong—in Ryde, which is right in the middle of my electorate—in 1999 the median price of a detached house was $115,000. Today the median house price stands at an unbelievable $2.43 million.”
“An entire generation of Australians have been competing in a system that has been rigged against them. Whether they're looking for a home to own or just trying to find an affordable place to rent, young people in particular—this generation that has missed out—know that the system simply isn't working. Not only have successive state and federal governments not built enough homes for the past 40 years but the entire system has been rigged against young people since that mistake was made in 1999. We see the consequences of that every single day. We see it in skyrocketing rents. We see it in the heartbreaking rise in homelessness. We see it in the plummeting rates of homeownership. And we see it in the eyes of families in my electorate of Bennelong who are doing everything right but are still finding themselves locked out.”
“I rise today to speak on a budget that takes aim at one of the greatest economic and social challenges of our generation. I want to stand here in this place and say without hesitation that I want as many people as possible in Bennelong to have a chance at buying their first home, because that should be the baseline promise of a great Australian life. The Australian dream was built on this deal. If you work hard, if you save your money and if you contribute to your community, then a home of your own should be within reach. It's what I was able to achieve, what my parents were able to achieve and what their parents before them as well achieved. But, ever since John Howard and Peter Costello set our economy on a different path, that deal has been shattered for too many young people in Bennelong and across the country.”
“This budget expands tax incentives for venture capital and reforms the research and development tax incentive to target startups as they grow. On top of that, the new $250 working Australian tax offset will benefit 1.5 million sole traders around the country. All these measures back small businesses. No AI memes, just facts. And whilst the Liberals and One Nation will team up to defend the status quo, Labor hears you when you tell us that things need to change and change for the better.”
“Labor's budget delivers for young people aspiring to own their first home. Labor's budget delivers for every working Australian through more tax cuts. This budget delivers $3½ billion worth of new spending to support small businesses. Lost in the flood of an openly exaggerated meme campaign are measures in this budget which back aspiration and back economic growth. I'm here to push back against that rubbish because this budget backs small businesses to grow. This budget makes the $20,000 instant asset write-off permanent, providing certainty for small businesses to invest in growth. This budget delivers a permanent two-year loss carry-back for all companies up to $1 billion in turnover, as well as a new loss refundability scheme for small startups in their first two years, which will help with cash flow.”
“We need to build a better Australia for young people, to give them the opportunity to own their first home, to give them a foothold. Already these policies are working. Every weekend, we're seeing news reports of first home buyers getting into their first home. They're shocked, surprised that they are no longer competing against investors for existing stock. This is a good thing. We need people to have the aspiration to own their first home, just like I was able to and just like many people in previous generations were able to. These are tough reforms, but we are doing them for the right reasons and at the right time. I commend these bills to the House.”
“Those opposite have voted against every cost-of-living measure we've brought to this place, and they went to the last election promising to increase taxes for working Australians. We'll see what they do on Thursday, whether or not they will once again vote against tax cuts brought forward by this government. And then, of course, there was the opposition leader's budget reply. It was one long dog whistle, seeking to blame migrants and permanent residents—building on his policy announcements from before—and calling them a drain on Australia. That's not the Australia I grew up in, and it's certainly not an Australia that I want to continue. The Liberal Party's budget response is just trying to emulate One Nation. It's more about what's happening on the Right of politics than what's the best for our country.”
“That's despite both the current shadow Treasurer and former Treasurer Joe Hockey who, we heard today, during his last speech to this parliament, said: 'Do you know what? We really should target negative gearing towards new supply.' Never mind that he could have done that for—how long was he in parliament for? Ten years or something? He could have advocated for it when he was actually the Treasurer. He could have done that, but no. Instead of doing it on the way out, we're going to do it while we're in government. It's a good reform. These reforms are necessary because the status quo isn't working. We can't continue to ignore the facts out there, and the facts are that the status quo isn't working.”
“It means they can get cash flow relief if they have loss refundability in their first two years of operation. We're expanding tax incentives for venture capital to help unlock capital for young and expanding businesses. And we're reforming the R&D tax incentive, targeting that a lot more to allow young businesses greater access to the refundable tax offset as they grow. And don't forget that our reforms and tax cuts in the PAYG system, in the marginal tax rates, also benefit sole traders. The working Australians tax offset will go to 1½ million sole traders. A lot of them are tradies, a lot of them are hairdressers—they will have access to that $250 tax offset as well. Predictably, those opposite oppose these changes.”
“Even in the last parliament, the legislation would only pass right at the last minute. Cautious small businesses wouldn't go out and invest throughout the year, probably on sound advice from their accountant, until that legislation went through. 'Wait until the law goes through before you spend this money.' It being made permanent means that small businesses can go and invest up to $20,000 and get that instant asset tax deduction. We're delivering a permanent two-year loss carry-back for all companies with up to $1 billion worth of turnover, which can offset future profits. We are introducing loss refundability to support startup businesses invest and grow in their first two years of operation. This is a huge reform for small startups.”
“All these things are meaningful and ongoing action to help with the housing crisis. On small business there's $3½ billion worth of new measures alone. There's been a lot of noise around the impact of this budget on small business but not much acknowledgement that this budget goes a long way to helping small businesses invest and maintain growth. The instant asset write-off will be made permanent from 1 July 2026. This is a great Labor reform, first brought in by the Rudd government. That instant asset write-off gives small businesses the incentive to purchase equipment valued at up to $20,000, and have that instant asset write-off. What has happened since it was introduced is that every year it has needed to be reconfirmed. This didn't give small businesses certainty.”
“We're fixing the errors of the Liberal government when they introduce the capital gains tax discount with their blunt measure in 1999, which only ended up completely distorting the housing market and locking people out for a whole generation. This policy was a mistake. It was originally designed to encourage investment into the share market. Well, that failed. Investment in shares did not grow as intended. Instead people invested in housing, and that's what has led to the complete distortion of the housing market that young people face today. But it's not just in tax reform that we're addressing housing. On top of our $47 billion we've now got an additional $2 billion in funding for critical infrastructure like roads and sewerage through another round of the Housing Support Program.”
“Firstly, we're going to reform negative gearing for residential property investments and target this reform to new builds only. This could have been done long ago and probably should have been done long ago, because it will still encourage investment in housing—and that's a good thing—but it will target that investment into the construction of new homes, not just bid up the prices of existing ones. New homes have a substantial benefit to our country through more jobs on the tools and more homes to go into the market to help with rental affordability and housing affordability. Naturally, the changes we're bringing in are grandfathered so that, if you currently own a negatively geared home as an investor, you can continue to do so.”
“It would have been very easy to look at everything that's going on in the world and say: 'You know what? We're just going to leave things as they are.' That's essentially what the opposition are arguing for here. They don't have any other options to address the housing crisis, to help first home owners get into their home or to deliver costed, funded tax relief for working Australians. They're just there trying to tear this reform down and defend the status quo. What we're seeking to do is bring in a fairer system that allows more Australians to have the same opportunities that I did, that my parents did and that those before them did. Intergenerational equity was at the heart of this budget and something that was identified by leaders of business, by unions and by experts at the productivity roundtable late last year.”
“In the US, the UK, Canada, Europe, people are calling for change, calling for reform. They say here in Australia and across the world that the status quo isn't working. That's why we've taken the really tough decisions to put through these progressive reforms in this budget. Predictably, there have been scare campaigns about this. I mean, some of the stuff we're addressing has been talked about for 40 years. The Asprey review in 1975 recommended some of the tax changes we're seeking to address at this budget. The same people that have always opposed this reform are continuing to oppose this reform, and I'm not surprised. But, as a government, we need to take on those scare campaigns because we can't defend the status quo any more. We can't.”