Senate

Answer from Katy Gallagher

The minister denied the premise, stating the budget ensured fairness for future generations through responsible fiscal management. She argued that the previous government had doubled the debt before the pandemic and left a $1 trillion debt burden. The minister highlighted that the current budget reduced debt by $173 billion compared to inherited levels and saved approximately $70 billion in interest payments. She emphasized that net debt growth remained lower than when the government took office.

Answer from Katy Gallagher

The minister outlined the budget's five-part economic strategy, including fuel security, assistance with living expenses, productivity, tax reform, and responsible management. She noted a new $250 Working Australians Tax Offset for 13.3 million workers from late 2027, bringing total tax cuts to up to $2,816 for the average worker by 2028. The minister stated the budget was $44.9 billion stronger than the mid-year economic and fiscal outlook and included $63.8 billion in savings, contributing to almost $180 billion in total savings since the government took office.

Answer from Penny Wong

The minister stated the policy change aimed to address intergenerational inequity and help young Australians achieve homeownership. She clarified that negative gearing remained available for investments in new builds. The minister argued that the combination of capital gains tax discounts and negative gearing privileged investors over owner-occupiers. She highlighted that the budget included tax cuts averaging $2,800 for workers, contrasting this with the opposition's past promises of higher taxes.

Answer from Katy Gallagher

The minister stated the reforms were necessary to ensure the long-term sustainability of the NDIS, which had grown beyond initial projections of $13 billion annually to over $50 billion. She explained that the budget aimed to manage scheme growth and return the NDIS to its original focus. The minister highlighted investments in rebuilding support systems outside the NDIS for those who do not qualify, ensuring that people without private funds could still access necessary care.

Answer from Tim Ayres

The minister stated that changes to capital gains tax and negative gearing leveled the playing field for young Australians. He noted that over 660,000 homes had been built since the government took office, with housing starts up 26 per cent. The minister highlighted the delivery of 55,000 affordable new homes, with more than 6,000 already completed, and a further $2 billion investment in infrastructure to unlock tens of thousands of additional homes.

Answer from Malarndirri McCarthy

The minister stated she had expressed concerns to the Northern Territory government and urged them to consult with Aboriginal organizations and commissioners. She noted that coronial and police investigations were underway and that comments should not jeopardize these legal processes. Regarding intervention, the minister acknowledged the Commonwealth's constitutional power but emphasized the need for responsible use of that power, citing past negative impacts of interventions on Northern Territory families.

Answer from Penny Wong

The minister acknowledged the policy change, stating it was necessary to address intergenerational inequity and help young Australians enter the housing market. She argued that the status quo was failing young people and that the budget papers demonstrated worsening inequity. Regarding trusts, she noted that 82 per cent had no underlying business operations, justifying the need for equitable tax arrangements while excluding farming and testamentary trusts.

Answer from Tim Ayres

The minister denied that voluntary expectations were insufficient, stating they were being operationalized through state planning approvals. He emphasized the need for data centre developers to invest in additional electricity generation and transmission to lower prices. The minister highlighted the government's commitment to securing tech investment in Australia's national interest while ensuring cooperation with states to manage energy impacts.

Answer from Penny Wong

The minister outlined a $14.8 billion package including a Fuel and Fertiliser Security Facility and a permanent government-owned fuel reserve of around one billion litres. She noted new agreements with Singapore, Brunei, Korea, Japan, and Malaysia to ensure fuel flows. The minister contrasted the government's actions with the previous administration's record, citing the closure of refineries and the decision to store reserves in Texas.

Answer from Penny Wong

The minister denied the claim, stating the policies would result in 35,000 more houses than otherwise. She highlighted that the Local Infrastructure Fund would support up to 65,000 homes and tax changes would enable 75,000 additional owner-occupiers over the decade. The minister emphasized that negative gearing remained available for new builds and that the changes aimed to address the divergence between housing prices and incomes.