Wednesday 24 June 2026
SenateAI Summary
The Senate on 24 June 2026 introduced six bills spanning superannuation, income tax, customs trade inquiries, and Fair Work Commission procedures.
Six bills received readings in the Senate. The Superannuation Legislation Amendment (Tackling the Gender Super Gap) Bill 2025 had its second reading, aiming to amend superannuation laws to reduce the retirement savings gap between men and women. Two linked tax bills, the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 and the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026, also reached second reading, proposing changes to income tax rates and thresholds. The Customs Amendment (Safeguard Inquiries) Bill 2026 received both first and second readings, addressing procedures for investigating potentially damaging import surges. The Workplace Relations Legislation Amendment (Clearing the Fair Work Commission Backlog) Bill 2026 also received first and second readings, targeting case delays at the Fair Work Commission. No divisions were held. Question time covered capital gains tax changes on assets including vehicles, the scope of the superannuation fund residential property ban, Australia's arms trade and sanctions policy regarding Israel, emergency housing for Aboriginal families in Mount Isa, and whether the government had broken an election promise on superannuation taxes.
Question Time
Taxation
AI Summary
Senator Duniam asked whether vintage cars, classic cars, collectible vehicles, or number plates worth over $10,000 would require valuation before 1 July 2027 under Labor's capital gains tax changes. Minister Wong explained that the government's new capital gains tax arrangement replaces the 50% discount with an inflation-based discount from 1 July 2027 to reflect real gains, but did not directly confirm whether personal use assets like vehicles would require valuations, stating it is not the government's practice to provide individual tax advice and that budget measures are clear.
Superannuation
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Senator Bragg asked whether the government would expand its superannuation fund housing ban to APRA-regulated institutional and union-backed super funds. Minister Wong clarified that the ban applies only to self-managed super funds for residential property (affecting less than 10 per cent of such funds) and did not commit to expanding it to other fund types, instead defending the policy by citing concerns raised by the Council of Financial Regulators and a 2014 inquiry.
Palestine
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Senator Faruqi asked why Australia continues arms trade with Israel and doesn't impose comprehensive sanctions like those against Russia, citing a UN report on targeting of Palestinian children. Minister Wong condemned the targeting of children, stated Australia takes UN reports seriously, noted Australia will speak at the UN Security Council on violence against children in armed conflict, and highlighted that Australia has sanctioned two Israeli ministers for human rights abuses in coordination with other partners, but did not directly address the specific questions about ending arms trade or imposing comprehensive sanctions.
Indigenous Housing
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Senator Thorpe asked about emergency action and funding to prevent Aboriginal families in Mount Isa from losing their homes to council auction due to unpaid rates. Minister McCarthy indicated she has engaged with Queensland government and Mount Isa Council, is exploring assistance through Indigenous Business Australia, and is discussing the debt issue, but did not commit to specific emergency funding or a concrete plan to prevent the property sales.
Taxation
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Senator Canavan asked about the government breaking its election promise not to raise superannuation taxes, citing a deal with the Greens to increase taxes on self-managed super funds. Minister Wong deflected by characterizing the changes as relating to borrowing arrangements and their regulatory risks, then pivoted to attacking the opposition's previous tax policies rather than directly addressing the superannuation tax promise.
Budget
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Senator Pocock asked why the government's tax reform legislation removes grandfathering protections when jointly-held assets change ownership due to death or divorce. Minister Gallagher responded by explaining the government's broader tax reform objectives around fairness and alignment with income tax, and stated that grandfathering rules allow assets owned at budget night to retain negative gearing benefits, with new acquisitions subject to new rules, but did not directly address why death or divorce transfers would trigger loss of grandfathering.
Taxation Bills
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Senator Kovacic asked Minister Wong for a guarantee that Australians would not need to obtain valuations for inherited family items like jewellery under Labor's capital gains tax changes. Wong did not directly address the specific concern about inherited personal items, instead explaining that the government's reforms apply a uniform rule based on real gains and inflation-adjusted discounts across all asset classes from 1 July 2027, and pivoted to criticizing the Opposition's stance on multiculturalism.