Treasury Laws Amendment (Tax Reform No. 1) Bill 2026

Stage by Stage

Summaries in reported speech - not a transcript. In date order, both chambers.

1. Thursday 28 May 2026 · House of Representatives

   Reference to Committee

   Members debated a motion to refer two tax reform bills to the Standing Committee on Economics for scrutiny before passage. Independent members Allegra Spender and Kate Chaney, along with Independent Zali Steggall, supported the referral, arguing that the legislation required broader community understanding and expert examination to address concerns regarding small businesses, startups, and unintended consequences on wealth creation. Shadow Minister Dan Tehan also supported the referral, characterising the bills as flawed and arguing they needed full examination to expose what he described as broken promises. The government opposed the delay, with Minister Sam Rae moving to adjourn the debate. The motion to refer the bills to committee was passed by a vote of 91 to 48.

   Outcome: The motion to refer the bills to the Standing Committee on Economics was passed by a vote of 91 to 48.

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2. Thursday 28 May 2026 · House of Representatives

   Second Reading

   The Treasurer introduced the bill as the first stage of a major tax reform package aimed at workers, first home buyers, and future generations. The legislation proposes a permanent Working Australians Tax Offset, an instant tax deduction, and changes to capital gains tax and negative gearing rules. The Treasurer argued these measures would reduce taxes for workers, increase housing supply, and align the tax treatment of labour and asset income. The debate was adjourned without a final vote recorded in the transcript.

   Outcome: Debate adjourned.

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3. Tuesday 2 June 2026 · House of Representatives

   Reference to Committee

   The debate concerned a motion to refer two tax reform bills to the Standing Committee on Economics for an advisory report by 30 December 2026. The opposition argued that the government lacked clarity on key budget details, including tax increases and housing definitions, necessitating a committee inquiry. The government minister opposed the referral, seeking to proceed immediately with government business. The motion was ultimately defeated in a division.

   Outcome: The motion to refer the bills to the committee was defeated in a division with 90 votes against and 48 votes in favour.

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4. Tuesday 2 June 2026 · House of Representatives

   Second Reading

   The debate centered on the government's tax reform package, which included changes to capital gains tax, negative gearing, and new tax offsets for workers. Labor members argued the reforms promoted fairness and assisted first-home buyers, while opposition and independent members contended the measures breached election promises and would harm housing supply and small businesses. Independent member Kate Chaney moved an amendment to restrict capital gains tax reforms to property only, but it was not carried. The discussion highlighted deep divisions over economic management and political commitments before the House adjourned.

   Outcome: The amendment moved by Kate Chaney was not carried, and the debate was adjourned with the House adjourning at 22:00.

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5. Tuesday 2 June 2026 · House of Representatives

   Second Reading

   The Leader of the Opposition opposed the bill, arguing it imposed unmandated tax increases on negative gearing and capital gains tax that would reduce housing supply and harm economic aspiration. He contended that the legislation granted excessive ministerial discretion and bundled popular tax cuts with controversial increases to bypass scrutiny. The Opposition proposed amendments to retain the income tax cuts and work-related expense deductions while removing the negative gearing and capital gains tax changes. The speech concluded with a call for the government to adopt the Coalition's policy of indexing tax thresholds to inflation to prevent bracket creep.

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6. Wednesday 3 June 2026 · House of Representatives

   Reference to Committee
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7. Wednesday 3 June 2026 · House of Representatives

   Second Reading

   The debate centered on the Treasury Laws Amendment and Income Tax Rates Amendment Bills, which proposed replacing the capital gains tax discount with indexation, restricting negative gearing to new builds, and introducing a working Australians tax offset. Government members argued these reforms addressed housing affordability and intergenerational fairness, while opposition and independent members contended the measures breached election promises, harmed small businesses, and lacked sufficient consultation. Various amendments were moved by independent members, including Zali Steggall and others, to refer non-property aspects to committee or delay implementation, but none were passed. The proceedings concluded with the Prime Minister commending the bills to the House before the debate was interrupted.

   Outcome: The debate was interrupted after the Prime Minister's speech, with no final vote recorded in the transcript.

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8. Thursday 4 June 2026 · House of Representatives

   Second Reading

   The debate centred on the government's tax reform package, which replaces the capital gains tax discount with indexation and restricts negative gearing for new properties. Coalition members argued the measures breached election promises, harmed small businesses and farmers, and would reduce housing supply. Independent and Greens members expressed concerns about legislative process and loopholes, though the Greens indicated support in the House. The government defended the reforms as necessary for fairness and housing affordability. The bills passed the House of Representatives after several amendments were defeated.

   Outcome: The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026 were passed by the House of Representatives.

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9. Thursday 4 June 2026 · House of Representatives

   Consideration in Detail

   The debate centred on whether to pass the tax reform bill unamended or to modify its capital gains tax provisions. The government argued the reforms were necessary to align labour and asset income taxation and support first-home buyers, while opponents and independents raised concerns about the impact on productive investment, small businesses, and the lack of targeted carve-outs. Several amendments were moved to restrict capital gains tax changes to property, adjust small business thresholds, or alter the indexation model, but all were defeated. The bill ultimately passed consideration in detail.

   Outcome: The bill passed consideration in detail after four amendments were defeated and one was passed.

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10. Thursday 4 June 2026 · House of Representatives

    Third Reading
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11. Monday 22 June 2026 · Senate

    First Reading

    The debate centred on a motion to allow two tax reform bills to proceed without formalities. The Shadow Minister for Finance opposed this expedited process, arguing the legislation was rushed, complex, and lacked adequate scrutiny. The Leader of the Government in the Senate moved to put the question immediately, bypassing further debate on the procedural motion. The Senate voted to allow the bills to proceed without formalities and to be read a first time.

    Outcome: The Senate passed the motions to proceed without formalities and to read the bills a first time, with divisions recorded as 32-23.

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12. Monday 22 June 2026 · Senate

    Second Reading

    The Senate debated two bills introducing significant tax reforms, including changes to capital gains tax, negative gearing, and the introduction of a working Australians tax offset. Government senators argued the measures would improve fairness and housing affordability, while opposition members contended the changes would stifle investment, harm small businesses, and punish aspiration. Independent and minor party senators raised concerns about the rushed legislative process and specific impacts on startups, with several amendments proposed to address these issues. The debate concluded with the session being interrupted before a vote was recorded.

    Outcome: The debate was interrupted before a final result was reached.

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13. Tuesday 23 June 2026 · Senate

    Second Reading

    The debate focused on proposed changes to capital gains tax and negative gearing, with opposition members arguing the measures breached election promises and would harm economic growth, housing supply, and small business investment. Critics warned that removing the capital gains tax discount would drive investment offshore, reduce housing construction, and increase rental costs, while also criticizing the government for overspending and failing to address root causes of the housing crisis. The Australian Greens supported the bills as a necessary step toward addressing housing inequality, highlighting amendments they secured regarding self-managed super funds. All four opposition senators spoke against the legislation, raising concerns about intergenerational equity and the impact on retail investors and mining exploration.

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14. Thursday 25 June 2026 · House of Representatives

    Consideration of Senate Message

    The Prime Minister moved that the House agree to the amendments proposed by the Senate regarding tax reform measures. Albanese argued that the legislation provided a $250 tax cut, a $1,000 instant deduction, and assistance for first home buyers to address housing affordability and rebalance the tax system. The debate focused on supporting these reforms to reward hard work and provide opportunity for young Australians. The House passed the amendments and the bill.

    Outcome: The amendments were agreed to and the bill passed with divisions recorded as 90-47 and 98-39.

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15. Thursday 25 June 2026 · Senate

    In Committee

    The Senate debated opposition amendments to remove schedules regarding capital gains tax and negative gearing from the tax reform bills, which the government and Greens defended as necessary to fund the Working Australians Tax Offset. Independent Senator David Pocock withdrew his amendments after receiving assurances that issues concerning death and divorce would be addressed in subsequent legislation. Further discussion focused on implementation details, including housing supply impacts and capital gains tax exemptions for classic cars, with Senator Hanson opposing the measures as a tax grab. The debate concluded when the allotted time expired and the questions were put before the chair.

    Outcome: The amendments moved by Senator Chandler were not supported, Senator Pocock withdrew his amendments, and the questions were put before the chair after the allotted time expired.

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16. Thursday 25 June 2026 · Senate

    Limitation of Debate

    The Senate debated amendments to the tax reform bills, focusing on whether to separate capital gains tax and negative gearing provisions for further inquiry. The government opposed splitting the package, arguing the reforms must proceed together to maintain fiscal balance. Opposition and independent senators moved amendments to refer specific schedules to the Economics Legislation Committee or divide the bill, but these were defeated. Government amendments to clarify terminology and adjust thresholds were agreed to, while other cross-bench and opposition amendments were negatived.

    Outcome: The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 was reported with amendments, including a title change, while the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026 was reported without amendment.

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