Today I have released the 2025-26 Tax Expenditures and Insights Statement.
This annual statement details how features of our tax system affect individuals, businesses and other entities, as well as the pressures they place on the budget.
The Tax Expenditures and Insights Statement contributes to public transparency of the tax system and is a requirement under the Charter of Budget Honesty. It is not a statement of policy intent.
It reflects policy decisions up to and including the 2025-26 Mid‑Year Economic and Fiscal Outlook.
The Albanese Government has an ambitious tax reform agenda including our tax cuts for every Australian taxpayer, ensuring multinationals pay their fair share of tax, reforming the PRRT, strengthening tax compliance and encouraging investment in clean energy and housing.
We're boosting the superannuation savings of more than a million low‑income workers while making superannuation concessions for people with very large balances fairer and more sustainable.
We've extended the $20,000 instant asset write‑off for small businesses for a further 12 months until 30 June 2026.
We've also released the terms of reference for the statutory review of the Electric Car Discount, which will consider the operation of the electric car discount over the first three years it has been in place.
Our economic plan is all about modernising Australia's economy to boost living standards, drive productivity and make our budget more sustainable and you see that reflected in the mid‑year update and this statement released today.
