Australia's Senate passes major tax reform package

A deal between the Albanese government and the Greens secured Senate passage of a sweeping tax reform package. The legislation, introduced by Treasurer Jim Chalmers, targets housing, capital gains, negative gearing and trusts, aiming to deliver tax cuts for about 13 million workers and help 75,000 rental households enter home ownership. Housing Minister Clare O’Neil called it “the biggest reform to housing and taxation our country has seen for a generation.”

The Greens extracted concessions, including an extended inquiry into the planned NDIS reforms, which the government accepted in exchange for support. Opposition leaders, notably Senate Leader Michaelia Cash, accused Prime Minister Anthony Albanese of breaking election promises and warned, “Say goodbye to aspiration.” The reforms are presented as a rebalance of a system that favours assets over labour, while critics argue they will hurt wealth‑building prospects for many Australians.