Overview

• The ACTU has secured two seats at the government’s August economic roundtable and formally submitted its reform package ahead of the summit.
• Its proposal would limit negative gearing and the 50% capital gains tax discount to one investment property, with existing investors grandfathered for five years.
• A minimum 25% tax rate would apply to individuals earning over $1 million and to all financial trusts under the submission.
• The package includes a 25% levy on LNG exports and a $20 million cap on fuel tax credit claims to bolster revenue.
• The union estimates the reforms could raise about $25 billion for services such as the National Disability Insurance Scheme, healthcare, including measures to speed up approvals for housing and energy projects.