Opened the debate
Chalmers moved that the bill be read a second time, describing it as a significant step toward fairer taxation and greater opportunity. Chalmers outlined four core elements: a permanent tax offset of up to $250 annually for over 13 million Australians from 2027-28, and a $1,000 instant tax deduction starting in 2026-27. Chalmers stated these measures would provide combined benefits of up to $2,816 for the average worker by 2028. Chalmers argued the reforms would help 75,000 more people enter the housing market over the next decade by limiting negative gearing to new builds and replacing the 50 per cent capital gains tax discount with indexation of the cost base and a 30 per cent minimum tax on profits arising from 1 July 2027. Chalmers emphasised that the changes were prospective, protecting existing investments while encouraging new housing supply and productivity growth.