QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:58): Thank you to Senator McGrath for the question. I make the same point I made in response to Senator McKenzie, I think it was. It is the case the government is introducing a minimum 30 per cent tax on distributions from discretionary trusts from July 2028.

It is the case that the vast majority of Australians will not be affected. As I said, 95 per cent of Australians do not receive income from a discretionary trust. As a result of that tax package—those changes—we have been able to provide a tax cut, for every working Australian.

Herein lies the rub for those opposite. They have committed to roll back these tax changes, which inevitably— Senator WONG: I'll take the interjection 'of course'. That means one of two things: either they have to increase taxes on Australians or they have to increase debt.

At the last election, Senator Hume went to the election arguing for higher deficits and higher taxes. That's quite a remarkable feat. Unfortunately, where you are now under the Taylor opposition is that you are heading for even higher taxes and higher debts.