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) (12:35): Yes, but we're replacing it. That is changing; that's the reform. It is moving from a flat 50 per cent concession to a concession that seeks to tax real gains after adjustments for inflation.

I may be misreading this from you, but the idea that we're just removing something and not replacing it, or not having a different way of calculating the concession or the discount, is not correct.