Economy

Wind back property tax breaks and change how investment gains are taxed — back it or block it?

This bill makes the biggest change to investment taxes in about 25 years. It replaces the 50% capital gains tax discount with a system that only taxes real gains after inflation, and limits negative gearing on residential property to newly built homes from 2027-28. Existing investment properties bought before budget night are unaffected. It also brings in a permanent tax offset for workers, including a $1,000 standard deduction with no receipts. Labor says this shifts the system back toward first home buyers; the Coalition opposes the capital gains and negative gearing parts (schedules 1 and 2) while supporting the worker tax cuts (schedules 3 and 4). The Greens back the bill but say it doesn't go far enough. Debate ran about two hours and was interrupted before any vote — a Nationals attempt to force a vote was ruled out on procedure.

Extend the temporary fuel excise cut for another month — back it or block it?

This bill extends temporary relief on fuel costs brought in after conflict in the Middle East pushed up petrol and diesel prices. From 1 July the fuel excise cut drops from 32c a litre to 16c a litre, and the heavy vehicle road user charge for trucks is set at 16c a litre, before being phased out from early August. The government says the tapering avoids an abrupt price shock while global supply recovers, and that Australia has built up its fuel reserves. The Coalition and crossbencher Monique Ryan both said they would support the bill and not stand in the way of cheaper fuel. The Coalition attacked the government's wider economic record and demanded offsets to pay for the roughly $400 million cost; Ryan wanted proof the savings reach drivers. The debate ran about 71 minutes and was interrupted — no vote yet.

Declare the government has failed on cost of living and broken its promises — back it or block it?

A Coalition private member's motion argued the government has broken its promises on the cost of living, pointing to power bills, rents and grocery prices, and calling for the government to change course. Coalition MPs said living standards have fallen, the promised $275 power bill cut never arrived, and the latest budget raises taxes and won't fix housing. Labor MPs said they are delivering tax cuts, higher minimum wages, cheaper medicines, urgent care clinics and fuel excise relief, and accused the Coalition of voting against those measures. The debate ran about 42 minutes and was adjourned with no vote taken.

Declare the government is driving down Australians' living standards — back it or reject it?

The Coalition brought this Matter of Public Importance accusing the government of driving down living standards. Its speakers pointed to inflation at 4 per cent, 15 interest rate rises, higher mortgage repayments, falling house prices, rising costs for insurance, energy, rent and groceries, and gross debt heading past $1 trillion. They cited business collapses in trucking, construction and caravan manufacturing, cuts to the private health rebate, NDIS and aged-care problems, and shared distressing constituent stories.

Labor rejected the charge, listing measures starting 1 July: tax cuts for every worker, minimum and award wage rises for over three million people, six months of paid parental leave, payday super, permanent urgent care clinics and instant asset write-offs, cheaper medicines and a ban on supermarket price gouging. No formal vote is taken on an MPI.