On June 4, 2026, Australia's lower house of parliament passed a landmark tax reform bill, marking the most significant overhaul of the tax system in decades. The legislation aims to enhance housing affordability by cutting tax benefits for property investors and abolishing a capital gains discount. The bill was approved with a vote of 94-48, overcoming attempts by the opposition and some independents to amend it. Prime Minister Anthony Albanese hailed the bill on social media, highlighting its provisions for tax cuts for workers and support for first home buyers. Key changes include a shift from a 50% capital gains discount to a 30% minimum tax on net capital gains, effective from July 2027. The reforms also restrict negative gearing to newly constructed homes, directing investment towards increasing housing supply. Additionally, the bill introduces a tax offset of A$250 and an instant tax deduction of A$1,000 for workers, supplementing existing tax cuts that could save individual taxpayers up to A$536 annually. The bill now heads to the Senate, where the government will need crossbench support to secure its passage.