Tax Insights

The Expenditure Review Committee, the cabinet group that signs off on spending and savings, met on Monday 2 November and was meeting again on Tuesday 3 November.

The RBA'sMonetary PolicyBoard lifted the cash rate target by 25 basis points to 4.85% on 3 November 2026. Six members voted for the increase and three voted to hold at 4.60%, according to the bank's statement.

On Thursday 29 October 2026, three bills passed the House at third reading and were sent to the Senate.

The committee is examining the Treasury Laws Amendment (Tax Reform No. 3) Bill 2026 and the Income Tax Rates Amendment (Minimum Tax on Discretionary Trusts) Bill 2026. Both passed the House of Representatives on 29 October.

The first tranche of the changes is already enacted. The Treasury Laws Amendment (Tax Reform No. 1) Act 2026 received Royal Assent on 26 June 2026.

The Treasury Laws Amendment (Tax Reform No. 3) Bill 2026 is the secondTrancheof the government's CGT and negative gearing changes. It passed the House of Representatives on 29 October, according to industry and media reports, and is now before the Senate.

The pre-election update, released on 30 October, trimmed land transfer duty and land tax forecasts, reducingRevenueby roughly $5 billion across the forward estimates. That works out to about $1.3 billion a year.