How could the Labor government's major tax overhaul affect One Nation?
One Nation may use tax overhaul to campaign against Labor The tax overhaul, which includes limiting negative gearing to new builds and reducing the 50 per cent capital gains discount, provides One Nation with a specific policy platform for opposition. One Nation has vowed to reverse these changes, including restoring the 50 per cent capital gains tax discount and scrapping the proposed 30 per cent minimum tax on discretionary trusts. This allows the party to focus its political messaging on reversing the changes and criticizing the government's economic direction.
- Effect
- Mild negative
- How direct
- Stated in the reporting
- When
- Within weeks
- The story
- No new developments lately
How it reaches One Nation
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The Labor government introduced a major tax overhaul, which included a proposed minimum 30% tax on income from discretionary trusts and changes to negative gearing and capital gains discounts. These reforms faced opposition, with One Nation vowing to reverse the changes. Treasurer Jim Chalmers subsequently unveiled tweaks to the planned budget measures in response to political pressure.
The full event5independent outlets -
The tax overhaul includes limiting negative gearing to new builds, reducing the 50 per cent capital gains discount, and imposing a minimum 30 per cent tax on income earned through discretionary trusts. These changes were introduced via the Treasury Laws Amendment (Tax Reform No. 3) Bill 2026. One Nation has vowed to reverse the changes, specifically calling for the restoration of the 50 per cent capital gains tax discount and the scrapping of the proposed 30 per cent minimum tax on trusts. This allows the party to focus its political messaging on reversing the changes.
2 reports connect these two. Brind only summarizes; follow a link to read the reporting itself.
- farmweekly.com.au Oct 1
- abc.net.au Jun 23
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The facts so far
As reported. Each one links to where it comes from.
- The overhaul includes limiting negative gearing to new builds and reducing the 50 per cent capital gains discount.farmweekly.com.au, abc.net.au
- Treasurer Jim Chalmers introduced the Treasury Laws Amendment (Tax Reform No. 3) Bill 2026, designed to impose a minimum 30pc tax on income earned through discretionary trusts.farmweekly.com.au
- One Nation vowed to restore the 50 per cent capital gains tax discount and scrap Labor's proposed 30 per cent minimum tax on trusts.farmweekly.com.au
- One Nation's immediate impact is for its four senators to stand in the way of Labor's proposed trust changes.farmweekly.com.au
Why it matters
For One Nation, the tax overhaul provides a clear, high-profile policy battleground to mobilize support and define its political agenda. By focusing on reversing changes like the capital gains tax discount and the trust tax, the party can frame itself as the defender of traditional economic interests against the Labor government's reforms.
This opposition is part of a broader political dynamic where the Greens hold the balance of power in the Senate, forcing the Labor government to negotiate and compromise on its tax package. One Nation's involvement adds another layer of crossbench pressure, highlighting the difficulty the government faces in passing its ambitious tax reform.
What we don't know yet
- Will One Nation's opposition be sufficient to block the tax changes in the Senate?
- How will the government respond to One Nation's specific demands regarding the capital gains tax discount?
Is this still moving?
- Reports
- 6
- Developments
- 10
- Repetition
- 50%
What would change this answer
— Other considerations
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About Capital Gains Tax
How will the reduction in the capital gains tax discount affect different types of investors?
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Who else could feel it
Other possible ripples from the same event.
- Pauline HansonAlready happeningPauline Hanson vows to reverse Labor's tax overhaul
- senateLikelyThe Senate must process a major tax overhaul requiring Greens amendments
- Australian Taxation OfficeLikelyThe Australian Taxation Office must implement major tax overhaul changes
- Australian Bureau of StatisticsPossibleThe tax overhaul may require the ABS to adjust its data collection methods.
Reporting
- farmweekly.com.auOct 1
- abc.net.auJun 23
- smh.com.auSep 3
- dailymail.comSep 1
- afr.comJun 26
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Brind's analysis is written by AI from the reporting linked above and can be wrong. This explainer is a possibility worth considering, not a forecast: steps marked as Brind's reasoning are not stated in the reporting. It is not investment advice; do your own research.