QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:00): As the senator would know, we have replaced the 50 per cent capital gains tax discount with a new discount based on inflation for gains accruing from 1 July in 2027. Obviously that arrangement was clear in the budget papers. I have to say that I don't mind that people are interested in vintage cars, but I have to say that I'm not somebody who does collect vintage cars, but— Senator Cash: Some Australians do, and they're about to pay more.

Senator WONG: Indeed. And what I would say is the taxation arrangement that the government has put in place—which will hopefully pass the Senate tomorrow—is one that is fair and equitable, and it applies across asset classes and it is ensuring that income from assets is taxed in a way that is analogous to the way in which income on wages is taxed. The PRESIDENT: Senator Duniam, first supplementary?