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

Mr VENNING (Grey) (12:06): The government tell us they are building an economy that works for all Australians where they can earn more and keep more of what they earn, but this is plainly not true. They are breaking the economy. They are hurting workers, families and businesses.

It is plain to see Labor can't manage money, so they are coming after yours. Australians did not vote for these big new taxes. The Prime Minister promised before the last election that he would not introduce them.

He said this on more than 50 occasions, but he broke every single one of those promises. He showed disregard for the people of this country. This budget is designed to manage the decline of the economy.

It is not designed to grow it. We now face a death tax. We now face a tax on family savings.

We now face a tax on renters. We face a tax on first home buyers. We face a tax on young Australians who are just trying to get ahead.

We face a tax on small business and startups, the engine room of our economy. This is a budget of broken promises. This budget breaks the Australian dream.

It is an assault on aspiration. It pulls the ladder of opportunity up from young people before they get their foot on the rung. It does nothing to improve intergenerational inequality.

It makes the problem worse. It is intergenerational fraud. I repeat: Labor cannot manage money, so they are coming after yours.

It makes sense. On that side of the house, no-one has started a business, worked in the private sector or taken risks. They are all union hacks.

The DEPUTY SPEAKER ( Dr Freelander ): Order! I think that's unparliamentary. Mr VENNING: I withdraw, Deputy Speaker.

The DEPUTY SPEAKER: Good. Thank you. Mr VENNING: This budget is unravelling.

Every week, another broken promise surfaces. A death tax is buried in the fine print. We see dodgy inflation data.

We see a secret $200 billion income tax hike. The Treasurer cannot keep track of his own—let's call them 'porky pies'. His economic modelling has one setting: stroke inflation, tax inflation, spend inflation—wash, rinse repeat: stroke inflation, tax inflation, spend inflation.

Australians—in particular, regional South Australians—are living with the consequences. We face the mainland's highest inflation. They feel it at the supermarket.

They feel it on their mortgage. They feel it in their pay packet. They feel it in their power bill.

Deputy Speaker, you're going to get sick of this, but I will say it again: Labor can't manage money, so they're coming after yours. This is the highest taxing government in our history. The budget locks in $77 billion in higher taxes.

The Prime Minister has confirmed $273 billion in taxes that Australians did not vote for. Debt is heading to $1.25 trillion. The interest bill will be $80,000 a minute.

That is 12 credit cards being issued per Australian, behind their backs. Today's debt is tomorrow's taxes. And the next generation is being handed the bill.

We will fight these taxes. If they become law under Labor, a coalition government will repeal them. We want lower taxes.

We want lower inflation—indeed, we need lower inflation. We want an economy designed to back the self-starters of the nation, not put them in handcuffs. Under a coalition government, you work, you risk, you win.

Under Labor, you work, you risk, you pay, because they can't manage money. This budget is built on broken promises, higher taxes, lower living standards, and fewer homes. The government's own budget papers say that 30,000 fewer homes will be built as a direct consequence of these new taxes—those are their numbers, in black and white.

When you tax something, you get less of it; it's economics 101. The more you tax housing investment, the less housing investment you get. But this government has decided that that is the price young Australians should pay instead.

Their budget narrative is built around 'intergenerational fairness'. But strip away the rhetoric and look at the budget papers: they confirm lower housing supply. If you combine that with the government's migration overshoot of 90,000 people, it can only mean higher demand.

Lower supply plus higher demand equals higher prices—again, it's economics 101. That is not fairness; that is a housing disaster hiding behind a spin doctor's catchphrase. The government is getting both supply and demand badly wrong.

The government's push to increase borrowing capacity for first home buyers will again just push up prices and saddle young Australians with more debt. And young Australians are also investors. Labor's Robin Hood narrative, that it is only taking money away from the billionaires, away from the greedy boomers, is pure-gold spin.

Young Aussies are smart and are investing in ETFs, shares and crypto—although I don't think crypto is necessarily a good investment. The DEPUTY SPEAKER ( Dr Freelander ): Thanks for the advice. Mr VENNING: They are trying to bring forward the day they can own their own home and retire self-sufficiently in the future.

This government has looked that ambition and aspiration right in the eye and said: 'You know what? We can tax that.' That is not a housing policy or an ambitious tax reform; that is betrayal. Again, they can't manage money, so they're coming after yours; it is that simple.

But it isn't just investors and young Australians feeling it from Labor. The government is coming for small businesses, staking a 47 per cent claim despite doing none of the work. Small businesses are the self-starters of our nation.

They work weekends, they work nights, they sacrifice holidays—they do everything to put themselves in a position to get ahead. The government's answer to that sacrifice is to come along on the trip with them, all the way to the finish line, and then tax. The Treasurer is cranking up the tax rate on small businesses, when they go to sell.

Unless his ambition is to keep small businesses small, to encourage failure, these measures do not come close to meeting the needs of small businesses across the country—indeed, quite the opposite. The rules of the economy are rigged against the self-starters. The compliance burden of industrial relations law, tax law and regulatory law falls on small businesses with the same weight as it does on big businesses, but small businesses do not have the HR departments, the legal teams or the lobbyists.

Labor can't manage money, so they're coming after yours, and they're coming after small businesses and start-ups. Small businesses are the backbone of our economy. For many owners, it is their retirement savings.

It is their family pride. It is the first job for kids in their community. The government is not just taxing a business; it is taxing a life's work, a legacy.

The government also hid a 30 per cent death tax in their budget like a sneaky little Easter egg. It was hard to find, but it is there. It really is there, buried deep in the budget papers.

They hoped no-one would find it, but, eventually, it did surface. The Prime Minister was asked in question time here in this place, on the record, to rule out a death tax. He would not.

We know why. He could not rule it out, because he had already planned one, buried in the papers he would hoping no-one would read. Taxing what families pass on to the next generation is not fairness; it is the government inserting itself between grandparents and grandchildren, claiming a cut of a lifetime's worth of blood, sweat and tears.

That is not tax reform—it is a midnight raid. They can't manage money, so they're coming after yours and your family's. The coalition will fight these taxes.

If they become law under Labor, a coalition government will repeal them. We will repeal the CGT changes and the death taxes hidden in the trust rules. When a government taxes something, you get less of it—less housing, less savings, less investment and less small business.

We will back aspiration and reward hard work by scrapping these taxes. The self-starters built this country. Our message to those targeted by this budget is simple: we will back you to be the future.

You work, you risk, you win. The coalition's tax-back guarantee will index income tax thresholds to inflation. We are forced to live by our means—so should the government be.

Australians will not be taxed more simply because prices have gone up. When you earn your money, risk your money and save you money, you get to keep it. From 2028-29 the coalition government will index the bottom two income tax thresholds to inflation.

This will protect around 85 per cent of income earners and deliver relief of around $250 in year 1, growing to more than $1,000 by year 4. From 2031-32, the top two thresholds will also be indexed, protecting all taxpayers. The government's tax cuts will be wiped out by Christmas, owing to the inflation failures.

Ours would not be. We will stop the cycle at the source. The coalition will restore normality to housing and migration.

We will make sure Australia brings in only as many people as it can house. It's simple stuff. A coalition government will cap net overseas migration each year based on the number of new houses completed, not approved.

Never again should a government bring in more people than a housing system can support. A coalition will establish a $5 billion housing infrastructure fund to unlock up to 400,000 homes. We will fund essential, last-mile infrastructure: water, sewerage, power and access roads.

We will simplify the construction code, cutting up to $70,000 off the cost of a new home. The first home buyer deposit scheme will be reserved for Australians. Labor has allowed 50,000 non-citizens to access it—this ends under a coalition government.

The coalition will make a $50,000 instant asset write-off permanent for any business with a turnover less than $10 million. When a tradie buys a ute, they can do more jobs. They can take on an apprentice and they can grow.

When a small business invests, it grows. When a small business grows, Australia grows. We are launching the Stand with Small campaign and consulting on a new Small Business Act.

This is built around four pillars: a single definition for 'small business' across the Commonwealth, a right to be paid on time by government and big business, a right to be heard at the RBA, ASIC, ATO and Fair Work, and a right to bid on government procurement. We will realign the tax system to promote risk, reward ambition and back self-starters. We will protect Australians' way of life and restore their standards of living.

This government is breaking our economy. It promised to protect Australians but instead it has delivered a budget of broken promises, crushing inflation, and a relentless assault on aspiration. The truth is simple: Labor can't manage money, so it's coming after yours.

From hidden death taxes and punishing grabs on family savings to attacking the young Australians desperately trying to get a foot on the property ladder, this is the highest taxing government in our history, and it is rigging the system against hard work. It is stifling our small businesses, the engine room of our nation, with impossible compliance burdens and a staggering 47 per cent claims on life's work.

We will not let this stand. We believe in the fundamental promise: you work, you risk, you win.