Treasury Laws Amendment (Tax Reform No. 1) Bill 2026, Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026
Senator O'SULLIVAN (Western Australia—Deputy Manager of Opposition Business in the Senate) (19:27): You'll be disappointed to learn that it's almost adjournment, so my speech is going to be cut into two parts. Maybe it's like a little part 1 of a miniseries, what I'm going to call 'the anatomy of a broken promise'. Senator Scarr: I wanna binge!
Senator O'SULLIVAN: We're going to binge it in the morning when I continue with this speech. I tell you this: what this government is doing is disappointing, because it's demonstration of a broken promise. We heard the Prime Minister say, no less than 50 times during the election, that there will be no changes when it comes to capital gains or when it comes to negative gearing.
Yet this government has broken the promise to the Australian people, because these changes that have been brought in with the support of the Australian Greens are a fulfilment of a fantasy and a dream that this government and that the Prime Minister has had his entire adult life—ever since he was at university as a student unionist, he's been passionate about bringing in these sort of changes.
It is disappointing because Australians who have their heart set on building a great future for themselves and, indeed, for their families are now having their aspirations cut short and broken. In the minute that I've got left, I want to say to the Australian people I'm so sorry that this is what you're having to endure, and I know that you are disappointed in this government, as we are.
It doesn't matter how you voted at the last election. I know many people—clearly a lot—did vote for Labor because you won, but you voted on a deception that this government put before you. It is disappointing to see.
I know that at the next election, this government is going to pay a price for that. We know there's this great disruption going on in this country right now politically, but it is being led, and has been aided, very much by this broken promise that you've given. Australians are sick and tired of being misled by this government.
They are sick and tired of being misled by this awful government that we're dealing with. So, in part 2, which I'll get to in the morning, I'll unpack why this is such a disappointment for the Australian people. The ACTING DEPUTY PRESIDENT ( Senator Scarr ): Thank you, Senator O'Sullivan.
I look forward to listening to the next instalment, the next episode.