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Australia’s House of Representatives has approved a landmark tax reform bill that represents the government’s most significant overhaul of the tax system in decades. The legislation, designed to improve housing affordability and provide tax relief for workers, passed the lower house with a 94-48 vote despite opposition attempts to amend key provisions.
Prime Minister Anthony Albanese welcomed the outcome, describing the reforms as a win for Australian workers and first-home buyers. The bill now moves to the Senate, where the government will need support from crossbench lawmakers because it does not hold a majority in the upper chamber.
One of the most notable changes in the proposed tax reform package is the overhaul of Australia’s capital gains tax system. Under the new plan, the long-standing 50% capital gains tax discount for assets held longer than 12 months will be replaced with a system that taxes inflation-adjusted gains. In addition, a 30% minimum tax on net capital gains is scheduled to take effect from July 2027.
The legislation also targets negative gearing rules, a key issue in Australia’s housing market. The reforms would limit negative gearing benefits to newly built homes, encouraging investment in new housing developments and increasing housing supply. Currently, property investors can offset losses from investment properties against their taxable income, a practice critics argue contributes to rising home prices.
Business groups had previously urged the government to exempt companies from the capital gains tax changes and focus reforms solely on the real estate sector. However, the government proceeded with broader tax measures included in the federal budget.
In addition to housing-related reforms, the bill introduces new tax cuts for workers. Eligible Australians will receive a tax offset of A$250 and benefit from a new instant tax deduction worth A$1,000. These measures will complement existing tax cuts that are already legislated, providing annual savings of up to A$536 for individual taxpayers.
If approved by the Senate, the reforms could reshape Australia’s tax landscape, support housing affordability, and deliver meaningful financial relief to millions of workers across the country.
