Extra Income Tax Rates for Taxpayers with a Minimum Tax Capital Gain
Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026
House of Representatives
Senate
Assent
Introduced by: The Hon Dr Jim Chalmers MP (ALP)
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Debate
What different members said when this bill was debated:
Dr Jim Chalmers ALP
“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. This is a bill for workers, first home buyers and future generations. This is the first step in the most ambitious tax reform package for a quarter of a century.”
Jo Briskey ALP
“Australia has always been a country of aspiration and opportunity, a country that holds true to a simple promise. In decades past that promise was realised on the factory floors in Airport West and along the railway line that stretches from Kensington to Glenroy.”
Josh Burns ALP
“The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026 are significant. They mark the moment when this House will make a determination on the way in which our government collects revenue and the way in which we set up our tax system into the future for future generations.”
Ms BELL
“I would note for the House the lack of enthusiasm from the other side talking about this Labor policy—a proud reform of Labor’s with zero enthusiasm from those on the other side. They have to stand up and defend this policy that they know is an economy-wrecking policy.”
Tania Lawrence ALP
“I support this ambitious, responsible and reforming budget. In his second reading speech, the Treasurer described this as ’the most important and ambitious budget in decades’, one shaped by global uncertainty but grounded in confidence about Australia’s future. That is the right starting point, because this budget is being delivered at a time when the world feels unstable.”
Zali Steggall IND
“I want to start out by shouting out some school students we have here watching. It’s always exciting to see them here, because the decisions we make in this place very much impact the prospects and opportunities they will have in their life as they grow up.”
“Today I want to talk about ambition. I want to talk about the ambition of young people and of families not only in my electorate but across this nation. When you talk to young people and families—Australians—what they will tell you is that they are ambitious to own a home.”
Melissa McIntosh LIB
“No-one voted for these taxes. Before the election, the Prime Minister promised more than 50 times he would not introduce them, yet here we are. The Albanese Labor government’s budget changes to the capital gains tax and negative gearing demonstrate their inclination to tax ambition first and justify later.”
Susan Templeman ALP
“If you think about the times in your life that can be milestones for leaping into homeownership, it’s getting a full-time job, partnering, starting a family. It’s just not possible for the same decisions to be made by today’s younger people as it was for my generation.”
Jason Wood LIB
“One of the all-time classic novels is by HG Wells. It’s The Time Machine. He wrote it back in 1895. And I must say, too, that I love the movie, with Rod Taylor, of 1960, and I encourage all government members to watch it. It’s got this classic scene.”
“I rise today to speak in support of the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026. The most common refrain that I have heard in my 13 months of being the member for Sturt and engaging my community is this. People say: ’Claire, you’ve got a majority. When are you going to do something with it?’ And, by ’something’, people don’t mean just delivering the government’s agenda.”
Anthony Albanese ALP
“The four measures in the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 prove that Labor is the party of aspiration. They prove that Labor is the party of fairness. Importantly, Labor is the party of homeownership and Labor is the party of lower income taxes for every working Australian.”
Leon Rebello LNP
“The minister who’s walking out now was absolutely right: this bill, the Treasury Laws Amendment (Fuel Excise Relief No. 2) Bill 2026, is about the extended reduction of the fuel excise. But it also goes to a few other points as well, and I hope to clarify my view in relation to those points. It goes to responsible government.”
Pauline Hanson PHON
“Well, here we go again, with a litany of broken promises, a blatant tax grab worth $77 billion, a two-day inquiry stacked with Labor’s friends and sycophants to rubber stamp it. Assurances were made more than 50 times that negative gearing and capital gains would not be touched.”
Nick McKim GRN
“This was a moment that Australian politics could have stepped up and seized. This was a once-in-a-generation political opportunity to absolutely do something meaningful to address the housing crisis that is wracking this nation, and Labor has met this moment in classic Labor form—abject failure to engage in reforms that the housing crisis is demanding.”
Leah Blyth LIB
“I foreshadow, on behalf of Senator Liddle, the second reading amendment in her name on behalf of the coalition. No-one voted for these new taxes.”
Slade Brockman LIB
“I just wish to thank Senator Barbara Pocock for allowing me to jump ahead in the order due to other duties that I have to take on in the not-too-distant future. I did want to speak on this bill, because it is such a retrograde step for our taxation system.”
Sean Bell PHON
“I rise to talk about the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026. I tell you what, I’m pretty surprised to see the Greens up and ready with such formed speeches after only just striking such a dirty deal with the government to get this bill through.”
Andrew Bragg LIB
“There’s a little thing called a democratic mandate, which is supposed to be a system where people put forward their ideas before an election and people can either vote for or against those ideas. In the UK, they call it a ’manifesto’ and here we would call it a ’platform’.”
Paul Scarr LIB
“It’s an absolute privilege and an honour to follow my dear colleague and friend Senator Bragg, who, I think, in that speech, which traversed many areas, wandered across the Australian policy landscape like an explorer. He made a number of fundamental salient points, which I think we should all reflect upon in the course of this debate.”
Ross Cadell NAT
“It’s interesting, when we get up, to look at the spin, the labelling and the messaging of the government. They call this tax reform. It is a tax grab. The number has been mentioned before. There will be $77 billion in new taxes. Never has reform been dressed so painfully for the Australian people. Never has there been a tax that hits people where they are. Remember back to, I think, 1991.”
Maria Kovacic LIB
“I’ve been thinking about all the speeches that I’ve heard tonight and throughout the day on the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026. I think it was you, Senator Scarr—I wasn’t here, but I’ve just had that vibe that it may have been you.”
Matt O'Sullivan LIB
“You’ll be disappointed to learn that it’s almost adjournment, so my speech is going to be cut into two parts. Maybe it’s like a little part 1 of a miniseries, what I’m going to call ’the anatomy of a broken promise’. Senator Scarr: I wanna binge! Senator O’SULLIVAN: We’re going to binge it in the morning when I continue with this speech.”
“I rise to strongly support the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026. This chamber comes one step closer to delivering a tax system that gives a fair go for working Australians, which is something that those opposite simply cannot stand. Nobody in this country right now is saying, ’Yes, we’ve got the housing settings in Australia right.”
Mehreen Faruqi GRN
“The government wants us to believe that this is courage, that it is solving the housing crisis for generations of young people locked out by a tax system that treats housing as a commodity rather than a human right and that, after decades of cowardice, Labor has finally found a spine on negative gearing and capital gains tax, but don’t believe it for a second.”
Sarah Henderson LIB
“I first want to address an issue that was raised in previous contributions this morning: the very unfortunate reflection on some coalition senators who the government alleges are not interested in these bills, the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026, because they’re not listed to speak.”
“I rise to speak on the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026. This bill is a massive shake-up. It is the biggest shake-up of our tax system in a generation, and it strikes at the heart of this toxic relationship between capital gains tax and negative gearing, an interaction that came about through the Howard government back in 1999.”
Tyron Whitten PHON
“If you’re wondering why the Fire the Liar campaign was such a hit, here it is: a dirty deal with the votes-for-sale Greens. This is something that the Prime Minister said 385 times he would not do. And to do what? To delay much-needed reform to the NDIS in order to ram through new taxes—new taxes that he told us 50 times would not happen. That’s 435 porkies by his own count.”
Matthew Canavan NAT
“I move: That the question be now put. The ACTING DEPUTY PRESIDENT ( Senator Hodgins-May ): The question is that the question be put. A division having been called and the bells having been rung— The ACTING DEPUTY PRESIDENT: I’ve just received advice from the clerks that, because this was done under a limitation of time, it’s not possible to move the closure motion. The division is cancelled.”
Larissa Waters GRN
“I rise to speak to the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026. Six weeks ago, the day after the budget was released and these tax changes were announced, I said, ’Tinkering around the edges of a broken housing system and spending billions for corporations and the one per cent, that will be the legacy of the Albanese Labor government.”
Andrew McLachlan LIB
“I rise to speak on the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026. This legislation does not find favour with the Liberal Party—it may come as a surprise to you, Acting Deputy President!—for a variety of reasons. I appreciate the calls from the other side of the aisle to hear my wisdom on these bills.”
Wendy Askew LIB
“I rise today to speak on the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the associated Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026. I want to start with a very simple point, one that Tasmanians understand instinctively: no-one voted for these taxes.”
Michaelia Cash LIB
“I too rise to speak against Labor’s toxic tax agenda and the dangerous deal that they have done with the Greens at the expense of the Australian people. Sadly, Australians were told one thing by the Prime Minister before the election, but, worse than that, they weren’t told it only once but time and time again.”