Treasury Laws Amendment (Tax Reform No. 1) Bill 2026, Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026
Senator CASH (Western Australia—Leader of the Opposition in the Senate) (18:36): And, at a time when Australia should be encouraging people to build wealth and create jobs, what is this government doing? They are deliberately making it harder. And that is why the bills—the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026—that will pass through this Senate tomorrow in the dirty deal done with the Australian Greens are dangerous, because they don't simply affect today's investors; they affect tomorrow's investors.
They affect today's workers; they affect tomorrow's workers. They affect every young Australian hoping to build a better future, hoping to get ahead. The Albanese government will tell you: 'Well, hey, hold on.
This is all about fairness.' Well, guess what? There is nothing fair about making it harder to build wealth in our great country. There is nothing fair about making it harder for our young people in particular to invest.
There is nothing fair about making it harder to start a business. There is nothing fair about locking younger Australians out of the opportunities that previous generations enjoyed. This is a prime minister that happily enjoyed the benefits of negative gearing, and I say, 'Good on him!' because that is exactly what it was there for—for people to actually be able to invest in themselves for their retirement.
But how dare the Prime Minister of Australia now look, in particular, that next generation of investors in the eyes and say, 'For everything that I had success with, I am going to deny that to you,' because that is what this prime minister is doing. Labor talk endlessly about intergenerational equity, yet their toxic taxes do precisely the opposite. They are going to make it harder for young Australians in particular to buy a home.
They are going to make it harder for younger Australians to invest. They are going to make it harder for all Australians to start a business. They are going to make it harder for younger Australians to build financial security.
That, sadly, is the reality. The Australian people know it, and that's why there is white-hot anger across the community. It doesn't matter who you are or where you're from; there is white-hot anger across the community in relation to the dirty deal that Albanese Labor has done with the Australian Greens.
The government, of course, will say: 'Well, hey, hold on. There are a whole lot of carve-outs and exemptions.' But let's be clear about what those carve-outs are. They are an admission that Mr Albanese knows he got it wrong and has had to back-pedal at a million miles an hour.
If these taxes are such wonderful policy, as Mr Albanese and Mr Chalmers announced on budget night, why are they scrambling to create exemptions? Why are they now desperately trying to say, 'This person's not affected here,' and, 'Perhaps that person's not affected there'? Why are they trying to negotiate carve-outs behind closed doors?
I say this to the Australian people. Senator Wong made it clear in the Senate today in question time when she said 'the terms of the agreement with the Australian Greens'. I'd like to see the terms of the dirty deal that was done with the Australian Greens.
What else is there that hasn't yet been announced? Why has Mr Albanese been negotiating these amendments behind closed doors? We all know why.
It's because they know in their heart of hearts that these taxes will do damage. Yet, sadly, they will go through tomorrow. Let's talk about their innovative-business exemption.
That is possibly the most extraordinary part of the package. Labor now wants Canberra bureaucrats deciding which businesses in Australia are innovative and which businesses are not. Think about that.
A public servant sitting here in the Canberra bubble is apparently going to determine which entrepreneurs get favourable treatment and which entrepreneurs do not, which founders qualify, which founders miss out, which businesses are innovative enough and which businesses are not. You've got to be kidding me. What could possibly go wrong?
Innovation does not come from government departments. Innovation does not come from bureaucratic checklists. Innovation does not come from politicians picking winners.
This is where innovation comes from: it comes from Australians willing to take risks, it comes from Australians willing to back themselves, it comes from small businesses who are prepared to try something new, it comes from founders solving problems and it comes from aspiration. The whole point of innovation is that nobody knows what success looks like before it happens.
But, sadly, Labor think that they can write a definition of innovation in Canberra, and somehow that will determine who is going to get support. The Australian people have seen through what the government is doing. Australians know that, every time Labor and the Greens get together, taxpayers end up paying the price.
Sadly, this is what's going to be the result of this dirty deal that has gone through. It's very, very sad. There will be higher taxes, less opportunity, less aspiration, less investment and less growth.
Shame on the Australian Labor Party. We will take a mandate to the next election to get rid of Labor's toxic taxes. Why?
Because we stand for a fairer, freer and better Australia. These bills represent an assault on aspiration, a tax on ambition, a tax on investment and a tax on Australia's future. That is why the coalition will oppose them.
We will fight this in the parliament, and we will take our case directly to the Australian people.