Opened the debate
Wallace argued that the government relied on Greens support to pass tax legislation, characterising this as a breach of democratic mandate. Wallace claimed the Prime Minister had previously promised no changes to capital gains tax, negative gearing, superannuation or trusts, but had since reversed those positions. Wallace stated that 70 per cent of people in his electorate believed the country was heading in the wrong direction. Wallace highlighted that small businesses faced higher mortgage repayments, averaging $29,000 annually, alongside increased energy costs and business loan interest rates. Wallace asserted that small business insolvency rates were at record highs under the current administration.