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

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (11:54): The capital gains tax and negative gearing components, I think we've been clear, have a positive impact of $3.6 billion over the forward estimates, and about 85 per cent of that revenue is from the changes to negative gearing.

That's all published in the budget papers. I would say in relation to that that the working Australian tax offset, which is also included in this package, has a forward estimate impact of $6.4 billion. Essentially, what is being raised through those schedules is being more than offset and returned to 13.3 million taxpayers through the provision of the working Australian tax offset.