The 2026 Chalmers-Albanese budget and the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 represent a cynical, ideological attack on everyday Australians under the guise of intergenerational equity. Instead of fostering wealth creation, Labor is driving a strategy of division to fund social engineering and buy votes.

We support the modest tax cuts and the $1,000 deduction placeholder. What we don’t support is the harmful capital gains tax and negative gearing measures.

Labor relies on “poison pills” — packaging toxic tax grabs alongside popular measures to deceive the public.

One Nation is committed to fighting for smaller government, protecting essential services and allowing Australians to keep their hard-earned money and secure their financial future.

Transcript

The 2026 Chalmers-Albanese budget was a victory of ideology over decency. The fundamental ideology of this Labor government is one which ignores wealth creation in favour of wealth redistribution and division, otherwise known as buying votes with other people’s money. This is a deliberate strategy of division or, more accurately, a strategy of ‘divide and conquer’. Implicit in this strategy is a simple maxim: ‘It doesn’t matter how much hate you get from those whose votes you don’t need.’ It’s callous policy, cynical, dishonest and in the end self-defeating, as every communist government in history has found out the hard way. When you take people’s stuff, they stop creating new stuff and the nation descends into poverty—time after time after time. 

Despite the lesson of history, here we are with the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026, which rakes in $1.38 billion in additional taxation in the first full year, 2027-28. This is a tax grab. This is before the $350 million backdown announced last week. How badly does this government need that money to take the electoral criticism they’ve received over a measure which is 0.2 per cent of budget revenue? 

This bill takes from those who have created wealth to buy votes from those who have not yet created wealth—our young. And yet, according to the Productivity Commission and updated JBWere financial modelling, an estimated $3.5 trillion to $5.4 trillion in assets will pass from Baby Boomers to younger generations through to 2050. The speed of the transfer is increasing. Inheritances have more than doubled since 2002. Wealth passing between generations has risen from roughly $120 billion per year to an expected $500 billion per year in 2045. This government is trying to buy votes amongst young people with money they would have received anyway. That’s the fatal flaw in this bill—the lie, the deceit. It’s these trillions of dollars in inheritance that have become the grand prize of this communist Labor government’s theft. 

Labor wants to steal more of everyone’s money, including from the young, and lock the young out of building assets for later in life. Lock you out! Labor’s intergenerational equity and intergenerational wealth transfer lies will in fact really create intergenerational poverty—a veritable gold mine of money from taxing everyone for Labor and its bureaucrats to use to bankroll Labor’s social engineering and to buy votes from their target demographics, which, for the record, are ABC journalists, university academics, immigrants from any country as long as it’s not a Christian country and union bosses, although only the militant kind. Not only will our young people receive less in the long run, they will receive less in the short term, owing to changes in the capital gains tax. Previously, any capital gain was discounted 50 per cent and then taxed as part of your normal income. This meant young people just starting out did not pay a lot of tax, especially those trading while at uni or TAFE. Not anymore. Now the full value of the profit will be taxed and at a minimum rate of 30 per cent, not your marginal rate. Even worse, more value trades and assets like trading cards or parts of a bitcoin over $500 are now treated the same for compliance purposes as large stocks portfolios. Do you have a $500 Pokemon card? Congratulations! Here’s the compliance you’ll need to meet, including valuations and notifications for a Pokemon card, you evil capitalist you. Off to the re-education camp you go. There will be none of this ‘trying to get ahead’ under this Labor government. The deceit of this government to pretend this bill is about intergenerational wealth when the real impact will be to make it harder for young people to get ahead—that’s why the budget has been called the worst in living memory. Not only were the key measures toxic, the justification for taking those measures was a lie. It doesn’t add wealth and opportunity for young people. It takes it away. Everyone except rusted-on Labor diehards saw straight through it. Our young have seen through it, and baby boomers are furious. They didn’t work their whole lives to create wealth just so the government could come along and take a massive chunk to fund social engineering. 

One Nation’s response to these measures is simple: don’t do it. Let Australians create their own wealth and use that wealth to benefit their children. For many Australians, the bank of mum and dad is in play to help young people get their own home. Assistance from parents has risen from 15 per cent of new mortgages in the 1980s to 40 per cent of new mortgages today. I know when I mention family that a lot of our constituents will be thinking, ‘I don’t have a family, since my parents got divorced and my parents lost their house in the divorce. What do you have to pass on?’ I acknowledge those who are in that position. Your feelings and concerns are real. One Nation understands that, which is why our low-start mortgage will allow your personal superannuation account to provide a large share of your home deposit. This will allow you to get into your own home once you have a job, a work history and proven capacity to repay. 

When it comes to the broader policy environment, including taxation and regulation, the response to Senator Hanson’s amazing speech at the GetUp! press club in Canberra last week carries a warning. Our opponents will spin One Nation’s policies and words so far, so tightly that Pauline Hanson could knit a sweater with them. Our policies do take a moment of serious thought to grasp. On one hand, One Nation policy does contain measures which need to be funded through some level of taxation. We will support and defend Medicare, the Pharmaceutical Benefits Scheme, aged pensions and the National Disability Insurance Scheme for those who are actually disabled, along with unemployment benefits for those looking for work and sickness benefits for those who legitimately can’t work, amongst other measures. These are what make Australia a civilised society. 

On the other hand, our campaign for smaller government is based on an overarching principle of allowing Australians to keep more of their own money and providing an economic environment that encourages people to get ahead through their own hard work and endeavour. This is not an absolutist argument. It’s one of degree—a balance between a government of decency and a government of waste. The Chalmers-Albanese government has crossed over the line out of decency into waste and hypocrisy and deceit, and, as a result, One Nation ranks are swelling. Labor obviously feel that entrepreneurs are not their demographic. You show that repeatedly. Interestingly, a large number of small-business people coming into One Nation are saying the same thing about the Liberals. ALP arrogance has been on display in the development of these proposals. No open consultation occurred and no white papers. The measures were drawn up behind closed doors and then dumped on the public, vomited onto the public. The committee stage for this bill was a farce engineered to manipulate a favourable report—deceit yet again. 

This Labor government has made a mockery of the committee system across legislation, referrals and Senate estimates to the point where a review is needed to find a way to stop this abuse from ever happening again. The government has been forced to remove some of the worst elements of their tax grab. Great—now remove the rest! 

The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 includes a provision to limit negative gearing to new properties only. Negative gearing allows someone on a wage or salary to buy a second property, or more, and claim the net cost of that property against their tax. Any net profit is considered taxable income—it’s taxed. Many Australians have used this method to get ahead. It’s most common in retirement, with couples purchasing their retirement home near retirement and then renting it out to help pay it off until they’re ready to move in. Then they rent out their family home to fund their retirement. 

It’s true that this is a concession which tends to be used at higher-income levels. Here are the facts. The top 20 per cent of wage and salary earners own 40 per cent of investment properties and claim 60 per cent of the tax deductions. Before this bill, there was no limit to the number of homes that a person could negatively gear other than the ability of their income to cover the cost. 

One Nation believes—our policy has shown this before today and shows this right now—that a large property portfolio is not something that should be set against a salary. It’s a business, and the person should have a corporate structure which is appropriate for that business. One Nation will limit negative gearing to two properties. This is enough for Australians to invest in real estate and lift themselves up without misusing the tax system. 

The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026, though, cancels negative gearing on existing homes entirely, and it allows unlimited negative gearing on new builds. So that older couple I mentioned before, buying their retirement home and renting it out to help pay for it—they can’t negatively gear. Yet a high-income earner can buy up a whole new block of flats and negatively gear that. Where’s the justice? How is that fair? How does that advance intergenerational equity? It doesn’t. It drives intergenerational poverty. 

There are two other measures in this bill. One Nation will support the $5-a-week tax cut. Although $250 a year is nothing towards offsetting the rising cost of living, it’s money better off in workers’ pockets than in the government’s pockets, where it’d be eaten up before it even gets into play in 2027. As a reminder, One Nation policy will put a lot more into the pockets of everyday Australians. We will index the tax thresholds to ensure nobody is forced into a higher tax bracket because they got a pay rise to make up for inflation. That’s the stealth tax. I’ve tried twice to amend Treasury bills, once under the Liberals and once under Labor. Both times, both parties said they loved the idea—but not now. 

One Nation will leave schedule 4 in the bill. That is the no-documentation-required $1,000 for tax deductible expenses. I’m concerned that people who are entitled to more than $1,000 will lazily tick that box to save time, although opposing what is a benefit for the many on the basis of what it could do for the few is the wrong decision. 

One Nation is moving an amendment to remove schedule 1, capital gains tax, and schedule 2, negative gearing, from the bill. If that amendment fails, we will oppose this bill. 

The Labor Party have taken to using a deceitful trick to make it look like One Nation opposed pay rises for workers, which is false. Instead, this is to add a measure to a bill which they know One Nation will not support. In this case, it’s the capital gains tax and negative gearing changes hurting the young and the old. It’s called a poison pill. It’s not their idea; the parties of globalisation around the world are using it to frame conservative parties as hateful of workers when the reverse is true. Tricks destroy trust and kill truth. Prime Minister Albanese gives so much material himself to the Fire the Liar campaign across the nation. Poison pills allow their fake ‘independent’ websites like They Vote For You to lie and say One Nation voted against tax cuts, for instance, when, in fact, the Albanese government wrapped the tax cuts in legislation that could not be supported—it had to be opposed. Labor refuses to put the measures separately. Had they put the measures separately, we would have supported the tax cut, minuscule though it is. Another Labor lie is its claim this bill is tax reform. It’s not. Instead it increases tax complexity, which leads to increased fees for accountants, lawyers and valuers when preparing tax returns for which the people pay. Taxpayers pay even more when doing their return. This is not reform; it’s a rip-off for which you, the people of Australia, pay—including the young. Anyone interested in honest political discussion should treat the OpenAustralia Foundation and their propaganda arm They Vote for You with utter contempt. Their subscribers apparently do, because their most recent report admits a $50,000 loss. It’s not working—perhaps try impartiality and honesty next time—nor is it having any effect. 

The growth of One Nation is proof the public are breaking what has been a lifelong allegiance to the tired old parties—yes, you two—and are instead embracing One Nation policies that will restore wealth and abundance for all Australians. Labor’s dirty tricks and lies will not stop One Nation from voting in the best interests of everyday Australians. We want to make Australia a land of abundance and opportunity again for the old and the young.