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

Mr ALBANESE (Grayndler—Prime Minister) (15:26): I move: That the amendments be agreed to. Our Labor government is delivering real change to make a real difference—real change built on Australian values: fairness, aspiration and opportunity for all. A $250 tax cut for working Australians, a $1,000 instant tax deduction and a fair crack for first home buyers—these reforms are for young Australians who have been locked out of the housing market for too long, but they're also for their parents and grandparents who want to see the next generation have the opportunity and security of a roof over their head.

These reforms are also about rebalancing our tax system and better aligning income from work compared to income derived from assets. Overwhelmingly, most Australians have nothing to sell but their time and nothing to give but their hard work. That is how most Australians earn their income.

They work their guts out every day to provide for their families and put food on the table, and for too long the economy has not been working for them. We want an economy that works for people, not people working for an economy. Our government isn't going to sit back and let that continue.

We're not going to kick the can down the road. We're not going to try and explain away a broken system. We are doing something about it.

We're backing aspiration, rewarding hard work and giving young people a fair crack. We are delivering real change. Young people have waited long enough for a rebalancing of that system.

That is why this legislation that will give young Australians a fair crack should be supported by this parliament, so that young Australians can get access to their own home. I move: That the question be now put. The SPEAKER: The question is that the question be put.