Australian Budget 2026-27

Mechanics first. The Budget combines immediate tax cuts for workers, targeted business cash‑flow measures and structural changes to taxation of capital and trusts:

• Workers: WATO (up to $250 pa from 1 July 2027 for ~13 million workers), reductions in marginal rates (16%→15% from 1 July 2026; 15%→14% from 1 July 2027), and a $1,000 instant tax deduction for work‑related expenses from 2026-27 (Tax reform; Tax explainer: New tax cuts). The Budget quantifies beneficiaries: about 6.2 million workers will use the instant deduction in 2026-27 with an average tax saving of $205; 97 per cent of recipients of WATO are expected to receive the full $250 (Tax explainer: New tax cuts).
• Businesses and start‑ups: loss carry back for eligible companies from 2026-27 (benefits to up to 85,000 companies); loss refundability for young start‑ups from 2028-29 (estimated up to 25,000 firms per year), and permanent $20,000 instant asset write‑off for small businesses (turnover up to $10m) from 1 July 2026 (Tax reform; Productivity).
• Capital and property taxation: negative gearing limited to newly constructed dwellings from 1 July 2027 (with transitional arrangements for existing holdings); replacement of the 50 per cent CGT discount with CPI indexation of cost base and a 30 per cent minimum tax on real capital gains from 1 July 2027; transitional valuation rules (asset value as at 1 July 2027) and an option for new‑build investors to choose the old 50 per cent discount (Tax reform; Tax explainer: Negative Gearing and CGT Reform).
• Trusts: a 30 per cent minimum tax on discretionary trusts from 1 July 2028, trustee payment obligations, non‑refundable credits to non‑corporate beneficiaries, exclusions for widely held trusts, super funds and specified incomes; and three years of rollover relief from 1 July 2027 to assist restructuring (Tax reform; Tax explainer: Minimum tax on discretionary trusts).

The Budget says these measures are intended to reduce cost‑of‑living pressures (tax cuts and instant deductions), boost business investment and resilience (loss carry back, instant asset write‑off, venture capital changes), and improve fairness and sustainability by curbing tax advantages from discretionary trusts and the CGT discount and redirecting negative gearing to new supply (Tax reform; Tax explainers).

Who pays and who decides: The Budget documents present the fiscal cost as borne by the Commonwealth (foregone revenue from tax cuts and the costs of business measures) and the payers of the new levies and minimums (investors and trustees). For example, the minimum tax on discretionary trusts is paid by trustees; non‑corporate beneficiaries receive non‑refundable credits (Tax explainer: Minimum tax on discretionary trusts). The CGT minimum tax applies to realised gains accruing after 1 July 2027; taxpayers must value assets at that date or use an ATO apportionment tool (Tax explainer: Negative Gearing and CGT Reform).

Incentives, compliance burden and trade‑offs (Budget‑identified and mechanistic implications):

• Labour supply and distributional incentives. The WATO, rate cuts and the instant deduction reduce effective marginal tax rates on labour income and the Budget projects modest positive labour supply impacts (previously legislated rounds increase labour supply by 1.3 million hours per week; WATO builds on this), and the instant deduction is intended to simplify compliance for many workers (Tax explainer: New tax cuts). The measures target income from work, not capital, which the Budget says lowers the fiscal cost compared with a broader tax cut. The mechanics change after‑tax returns to labour relative to non‑labour income, which will influence decisions about hours, formality of work and working‑from‑employment versus business income for sole traders who are eligible for the WATO and instant deduction (Tax explainer: New tax cuts; Tax reform).
• Business cash‑flow versus long‑run revenue: loss carry back and refundable loss relief provide immediate cash support for loss‑making firms, improving cash flow and risk taking (Tax reform). The Budget frames these as supporting resilience and dynamism. The offset against prior tax paid (carry‑back) and the limited refundability payable to start‑ups (capped to FBT and withholding tax paid) ties support to firms with wage bills, which modifies the incentive to substitute equity for labour. The permanent $20k write‑off simplifies small business investment choices but raises issues about timing of purchases and effective tax arbitrage around the $20k threshold. The Budget quantifies expected beneficiaries (up to 85,000 companies for loss carry back; up to 25,000 young firms for loss refundability) but does not publish micro‑behavioural elasticities; timing and intertemporal substitution remain execution risks (Tax reform; Productivity).
• Capital gains taxation and housing investment incentives. Replacing the 50 per cent discount with indexation plus a 30 per cent minimum tax changes the tax on nominal versus real gains. The Budget provides illustrative cameos showing differential effects by asset class, holding period and return. Mechanically, taxpayers will pay tax only on real gains after CPI indexation, but any effective tax rate is floored at 30 per cent. Transitional arrangements require taxpayers to determine or estimate asset value at 1 July 2027; the ATO will provide tools. The Budget claims the change restores the "original intent" of CGT and will have modest housing market effects (Treasury modelling: ~75,000 additional owner‑occupiers over a decade and a small, temporary slowing in house price growth of ~2 per cent over a couple of years) (Tax explainer: Negative Gearing and CGT Reform). Practical implications include increased valuation and record‑keeping burdens at transition, timing responses around 1 July 2027, and potential administrative disputes over apportionment formulas and valuations (Tax explainer: Negative Gearing and CGT Reform).
• Discretionary trusts: compliance and restructuring incentives. The trustee‑paid 30 per cent minimum tax reassigns collection responsibility to trustees, requires reporting and notification to beneficiaries, and limits corporate beneficiaries’ ability to access refundable franking credits to circumvent the minimum. The Budget states around 5 per cent of individual taxfilers received distributions from discretionary trusts in 2022-23 and that much of private trust wealth sits with the top decile; it also projects that about half of discretionary trusts will not be affected in any given year (Tax explainer: Minimum tax on discretionary trusts). Mechanically, trustees must calculate, report and pay; small businesses that use trusts may restructure to companies or fixed trusts using available rollover relief (three years from 1 July 2027). The Budget plans to provide assistance (ASBFEO and ASIC arrangements) but the restructuring process involves legal, tax and financing costs and creates implementation risk for SMEs.

Implementation and discretion risks noted in the Budget: operationalising indexation and the minimum CGT requires valuation guidance and ATO tools; the trustee payment mechanism for the minimum trust tax is subject to consultation; and rollover relief design will be finalised after consultation (Tax explainers). These are explicit procedural risks that increase compliance burden during the transitional window.

Mechanics first. The Budget re‑allocates and adds recurrent and capital spending across health, housing, defence, social programs and fuel security:

• Health: $25 billion additional funding for public hospitals over five years (taking total to $220.3 billion), $1.8 billion plus $580.2 million per year ongoing for Medicare Urgent Care Clinics (137 clinics, made permanent), $5.9 billion to list new medicines on the PBS (including permanent subsidy of COVID‑19 antivirals), and funding for RSV vaccination on the National Immunisation Program (Arexvy®) for eligible older Australians (Care and opportunity; Cost of living).
• Housing and homelessness: $2 billion Local Infrastructure Fund to finance last‑mile infrastructure to enable up to 65,000 new homes; $59.4 million for community housing to assist over 4,000 young people; $100 million from the Housing Australia Future Fund for First Nations remote housing; extension of the ban on foreign purchasers of established homes until mid‑2029 (Cost of living; Budget Paper No. 3).
• Defence and security: an additional $53 billion over ten years to implement the 2026 National Defence Strategy for capability and sovereign industrial base support, with detailed allocations across undersea warfare, surface combatants, autonomous systems and precinct establishment (Security and investment).
• Fuel security: $14.8 billion Strengthening Australia’s Fuel Resilience Package including a $7.5 billion Fuel and Fertiliser Security Facility (EFA activity to secure shipments), $3.2 billion Australian Fuel Security Reserve (hold around 1 billion litres), and funding for regulatory oversight and feasibility studies for refinery capacity; also an expanded Minimum Stockholding Obligation and temporary excise reductions (Fuel supply and security).
• Productivity and regulatory reform: investments to reduce regulatory burden ($10.2 billion per year in estimated compliance savings), $1.5 billion for research and scientific institutions, $654.3 million for Digital ID expansion, $62 million for Consumer Data Right expansion, local grants for freight electrification and $70 million AI Accelerator grants (Productivity).

The Budget frames these spending items as protecting households from the oil shock (fuel security and excise relief), making care and health more accessible and affordable, supporting productivity and housing supply, and strengthening national security (Overview; Fuel supply and security; Care and opportunity; Security and investment).

Who pays, who decides and behaviour changes:

• Fiscal payers and timing. The Commonwealth funds the spending from general revenue and offsets in part with revenue measures and reprioritisations. The Budget links some spending (fuel excise relief) to state contributions (states/territories to provide up to $400 million to support the excise reduction) (Cost of living; Fuel supply and security). Spending is allocated across agencies, states and programs (Budget Papers No. 3 and No. 4 set out appropriation and resourcing tables).
• Recipients and decision points. States and territories are principal delivery partners for hospitals and housing infrastructure; the Commonwealth decides national program settings and conditions through funding agreements (Budget Paper No. 3). Defence capability decisions trigger multi‑year procurement from industry; the Government signals using specialist investment vehicles to leverage private sector funding (Security and investment).
• Behavioural implications. Hospital and PBS funding removes price‑barriers to care (the Budget expects increased access to medicines and bulk billing coverage targets). Local infrastructure funding de‑risks land release and last‑mile connections and is intended to unlock developer activity and housing construction. Fuel security measures change market expectations through stockholding and government reserves, and the short‑run excise relief reduces transport input costs for households and businesses.

Trade‑offs, opportunity costs and implementation risk identified or implied in the Budget:

• Targeting versus fungibility. Many large allocations involve joint Commonwealth‑state delivery (hospitals, housing, major infrastructure). The Budget relies on agreements and matching arrangements (e.g., states to match some funding streams). This creates execution risk where state priorities or capacity differ; the Commonwealth’s control over outcomes is bounded by intergovernmental arrangements (Budget Paper No. 3).
• Capital project pipeline and short‑term constraints. The Budget maintains a $120+ billion rolling infrastructure pipeline but notes short‑term profile adjustments in response to the oil shock and capacity constraints (Security and investment). That signals potential reprioritisation risk and crowding‑out of private projects where public projects compete for scarce construction capacity and skilled labour.
• Maintenance of operational capacity. The Fuel Security Reserve and increased Minimum Stockholding Obligations involve logistical management and storage costs. The Budget supplies operational funding for oversight but these programmes require contracting, warehousing and sale rules that create administrative complexity and market interactions; the Budget indicates ACCC reporting and a Fuel Supply Taskforce to coordinate responses (Fuel supply and security).
• Healthcare quality and workforce. Additional public hospital funding is intended to raise capacity but delivery depends on workforce recruitment, primary care linkages and state systems; the Budget’s investments in bulk billing incentives and Medicare Urgent Care Clinics aim to shift care to less expensive settings, which alters provider revenue mixes (Care and opportunity). Implementation will require monitoring of service volumes and provider responses.

Mechanics first. The Budget packages tax incentives, regulatory reforms and direct investment to encourage private investment, reduce compliance costs and accelerate approvals:

• Tax incentives: loss carry back (from 2026-27), refundable loss relief for young start‑ups (from 2028-29), permanent $20,000 instant asset write‑off for small business, expanded venture capital incentives from 1 July 2027, and targeted R&D tax incentive reform from 1 July 2028 (Tax reform; Productivity).
• Regulatory reform: a Whole‑of‑Government Regulatory Reform Agenda claiming $10.2 billion per year reduction in regulatory burden, abolition of 497 “nuisance tariffs” from 1 July 2026 (saving businesses $157 million pa), simplification of company reporting thresholds, streamlined financial sector reporting and improved payroll tax administration work with states (Productivity).
• Approvals and project acceleration: accelerated environmental, low‑risk foreign investment, resources and telecommunications approvals; stronger Investor Front Door to prioritise investments; and $500 million for approval reform to deploy AI, cut duplication and fund bioregional plans and strategic assessments (Productivity).
• Direct investment: Government specialist investment vehicles with up to $125 billion to be deployed in part to leverage private finance; up to $1 billion for Boyne smelter, Critical Minerals Strategic Reserve drawing on $1 billion from an expanded facility and $150 million for selective stockpiling (Security and investment).

The Budget frames these as incentives to increase onshore investment, scale up high‑growth firms, reduce compliance costs and speed the approvals pipeline to lift productivity and resilience (Productivity; Security and investment).

Who gains, who bears compliance costs, and expected behavioural effects:

• Concentrated beneficiaries and eligibility. Loss carry back largely helps small and medium companies that recently paid tax; the Budget estimates up to 85,000 companies will benefit. Refundability for start‑ups targets young firms (up to 25,000 per year) and is capped to wage‑related taxes, incentivising early hiring (Tax reform). The $20k instant asset write‑off mechanically favours firms whose purchases fall under the threshold; behavioural response will include timing of asset purchases and potential clustering of purchases under $20k. Venture capital changes address fund structure valuation alignments to modern company valuations and aim to increase supply of capital into start‑ups (Tax reform).
• Effect on competition and ownership. The Government’s investment via specialist vehicles and the Critical Minerals Reserve creates a public financing role alongside private capital. The Budget describes intended leveraging of private investment (Security and investment). Mechanically, public equity or preference for certain projects can change the distribution of ownership and may affect private financiers' due diligence and deal pricing where government capital is available for strategic projects. The Budget states the Reserve will be transaction‑led by the Department with Export Finance Australia involvement (Security and investment).
• Regulatory simplification and compliance burden. The claimed $10.2 billion annual reduction in regulatory burden is an aggregate estimate. The Budget lists many reforms (company reporting thresholds, financial regulator data collection simplification) that reduce reporting frequency and paperwork; however, specific legislative changes and regulatory rule‑making will be required and create transition compliance costs for firms (Productivity; Budget Papers).
• Approvals acceleration and environmental trade‑offs. Faster environmental approvals and strategic assessments are intended to cut duplication and speed projects. The Budget links this to deploying AI and funding bioregional plans to preserve environmental outcomes. Mechanically, the approvals time horizon shortens; the risk is that faster approvals can shift discretional pressure onto Commonwealth agencies and delegate trade‑offs between environmental protections and project timeliness (Productivity).

Implementation risks and opportunity costs cited by the Budget include capacity constraints in construction and skilled labour (affecting infrastructure delivery), the need for legislative change for regulatory reforms, and calibration of tax incentives so as not to create unintended subsidisation of non‑productive activities (Productivity; Security and investment; Tax reform).

Mechanics first. The Budget mixes direct tax relief, temporary excise relief, housing supply measures and social support to affect household budgets:

• Tax relief and simplification for households: phased tax rate cuts, WATO from 1 July 2027 (up to $250 pa), $1,000 instant deduction for work‑related expenses from 2026-27, and increases to Medicare levy low‑income thresholds that keep over 1 million lower‑income people exempt or reduced (Cost of living; Tax explainer: New tax cuts). The Budget provides stylised cameos showing combined benefits for workers at different incomes (Tax explainer: New tax cuts).
• Fuel relief: a three‑month excise reduction halving petrol/diesel excise from 52.6c to 20.6c and zero heavy vehicle road user charge from 1 April 2026, with state support of up to $400 million to the Commonwealth. ACCC weekly reporting on fuel prices and stronger penalties for competition/consumer law breaches are also announced (Cost of living; Fuel supply and security).
• Housing: negative gearing limited to new builds from 1 July 2027; CGT discount replaced with indexation and minimum tax; $2 billion Local Infrastructure Fund to support up to 65,000 homes; extension of ban on foreign purchases of established dwellings until mid‑2029; increases to Commonwealth Rent Assistance and targeted community housing funding (Cost of living; Tax explainer: Negative Gearing and CGT Reform; Budget Paper No. 3).

Who pays, who decides and behavioural effects:

• Distributional incidence. The Budget quantifies which cohorts benefit: about 13 million workers for WATO; 6.2 million workers for instant deduction in 2026-27; and indicates the tax cuts lower average tax rates for workers on average earnings. The Budget also identifies that most private trust wealth is concentrated in the top decile and that discretionary trusts disproportionately benefit higher‑net‑worth households (Tax explainer: Minimum tax on discretionary trusts; Tax explainer: New tax cuts). CGT and negative gearing reforms target tax preferences that the Budget says benefit investors; the incidence is investors and trustees who previously obtained lower effective tax rates.
• Housing market incentives and supply effects. Mechanically, restricting negative gearing to new builds changes after‑tax returns for investors in established dwellings; the Budget models reduced investor demand and a small, short‑run slowing of house price growth (about 2 per cent over a couple of years) and projects ~75,000 additional owner‑occupiers over a decade from combined reforms and supply measures (Tax explainer: Negative Gearing and CGT Reform). Investors still able to negatively gear new builds and eligible for the 50 per cent discount option for new builds alter the relative attractiveness of new developments versus established stock, providing a demand incentive towards new supply. The Local Infrastructure Fund is designed to lower the cost of connecting essential services, shifting some supply‑side constraints. Implementation depends on state delivery and land release , the Budget acknowledges this intergovernmental dependence (Cost of living; Budget Paper No. 3).
• Cost of living relief timing and durability. Excise relief provides immediate price relief but is temporary; permanent tax cuts are phased in over years. The Budget explicitly frames excise relief and other immediate steps as responses to the global oil shock (Fuel supply and security; Cost of living). Temporary measures reduce near‑term household prices but defer longer‑term fiscal consequences to other policy changes.

Compliance and operational issues the Budget identifies: valuation and transitional rules for CGT require taxpayer action at 1 July 2027; ATO tools are to be provided; rental loss carry‑forward and treatment rules will add tax return complexity for individual investors who purchase after announcement (Tax explainer: Negative Gearing and CGT Reform). The Budget anticipates some small administrative reliefs (ATO assistance channels for businesses affected by fuel price shocks) but signals increased reporting and enforcement in areas like fuel markets and consumer law (Cost of living; Fuel supply and security).

Mechanics first. The Budget documents (Budget Paper No. 1) present an updated fiscal strategy and outlook that incorporates the tax cuts, spending increases and the new revenue measures. The Budget emphasizes sequencing: immediate cost‑of‑living responses and temporary excise relief are front‑loaded while some revenue measures (trust minimum, CGT reforms) and business tax measures phase in over several years.

The Budget states policy intent to remain within a fiscal strategy that balances stimulus and resilience; it also claims the overall tax package is "broadly revenue neutral over the forward estimates" when taken together with the base‑broadening measures (Tax explainer: New tax cuts; Budget Paper No. 1). Detailed numbers and tables are in Budget Papers No. 1 and No. 2.

Who bears fiscal cost and how the Budget expects to close gaps:

• Short‑run revenue impact comes from tax cuts and excise reductions; medium‑term revenue recovery is projected from CGT reforms, minimum trust tax and other base‑broadening measures. The Budget relies on the CGT and trust measures to broaden the base from 2027-28 and 2028-29 respectively (Tax reform; Tax explainers).
• Debt and borrowing: the Budget does not eliminate borrowing needs tied to cyclical conditions and capital programmes. It frames defence and infrastructure investments as long‑term commitments that may be supported with specialist investment vehicles to leverage private capital (Security and investment; Budget Paper No. 1). The interaction of up‑front fiscal relief and deferred revenue measures concentrates implementation and enforcement burdens later in the medium term.

Risks to fiscal outcomes noted in Budget Paper No. 1 include sensitivity to economic assumptions, commodity price volatility (relevant given the oil shock), and implementation lags in revenue‑raising measures. The Budget Paper also contains a Statement of Risks that lists upside and downside fiscal risks and the sensitivity of forecasts to macroeconomic variables (Budget Paper No. 1: Statement 8 and 9). Practically, some base‑broadening measures require legislation and ATO systems; if implementation is delayed or contested, the fiscal sequencing could produce larger deficits in the forward estimates than modelled.

Mechanics first. The Budget introduces several measures that change economic incentives: tax reductions alter labour/leisure and consumption choices; business cash‑flow measures alter investment timing; CGT, negative gearing and trust reforms change returns to different assets and legal structures; fuel and stockholding rules alter market behaviour and supplier allocations.

The Budget identifies some likely behavioural responses and quantifies others:

• Housing and investor substitution. By restricting negative gearing to new builds and changing CGT treatment, the Budget explicitly expects investor demand to shift towards newly constructed dwellings and for some reduction in investor demand for established dwellings. Treasury modelling cited in the fact sheet expects the owner‑occupier share of the housing market to rise enough to support about 75,000 additional owner‑occupiers over a decade, and projects a small, temporary slowing of house price growth (~2 per cent over a couple years) (Tax explainer: Negative Gearing and CGT Reform). The Budget also anticipates small rent impacts (less than $2 per week on median rents). These are the Budget’s projected behavioural outcomes. Practically, the mechanics also create incentives to classify renovations and knock‑down‑rebuilds carefully because eligibility for the new build carve‑out depends on net additional dwellings and occupancy rules (Tax explainer: Negative Gearing and CGT Reform). Implementation disputes could arise over classification and thresholds.
• Trust restructuring and distribution choices. The minimum tax on discretionary trusts encourages trustees and small business owners to restructure into companies or fixed trusts, or to pay wages to beneficiaries (the Budget notes that small businesses can reduce impact by employing beneficiaries). Rollover relief is provided to ease restructuring costs (Tax explainer: Minimum tax on discretionary trusts). This creates bookkeeping, legal and financing decisions for small business owners; the Budget notes the Australian Small Business and Family Enterprise Ombudsman and ASIC will provide assistance but transitioning remains administratively burdensome.
• Timing and valuation gaming risks. Transitional CGT rules using an asset’s value at 1 July 2027 create an incentive for taxpayers to seek valuations or use the apportionment formula in ways that minimise tax. The Budget intends ATO tools to assist but discretionary judgments over valuation methodologies create audit and dispute risk (Tax explainer: Negative Gearing and CGT Reform).
• Market coordination and competition during exceptional circumstances. The Budget relaxes some ACCC constraints to allow industry coordination during exceptional circumstances and strengthens ACCC reporting on fuel prices (Fuel supply and security). Mechanically, this allows greater industry cooperation under strict circumstances to manage supply. This shifts the balance between competition law enforcement and coordination in crisis management; the Budget asserts this will support markets rather than replace them, but it also increases the need for clear exemptions, oversight and sunset clauses to limit unintended anti‑competitive coordination (Fuel supply and security).
• Public financing and crowding effects. Specialist government investment vehicles and direct investments in critical minerals and defence aim to leverage private capital. The Budget frames these investments as catalytic. Mechanically, public participation can reduce perceived risk for private investors, but it can also distort pricing or create preferential access where government equity or guarantees exist. The Budget acknowledges leveraging private finance but the exact contractual and governance arrangements will determine how risks and returns are shared (Security and investment).

The Budget identifies some concentrated benefits: for example, the tax‑planning benefits of discretionary trusts disproportionately accrue to high‑net‑worth households (Tax explainer: Minimum tax on discretionary trusts). It also highlights diffuse costs: compliance burdens and transitional valuation effort apply broadly. The document offers rollout and consultation timetables to manage these effects but leaves several procedural details to future consultation (Tax explainers; Budget Papers).

The Budget establishes a sequence of legislative and administrative steps between announcement and full implementation. Key items and checkpoints to monitor (with the Budget source identified) are:

• Legislation and Parliament: the CGT reforms (indexation, 30 per cent minimum tax), the minimum tax on discretionary trusts, the WATO, instant deduction and start‑up refundability all require legislative change and will be subject to parliamentary scrutiny and possible amendment (Tax reform; Tax explainers). Watch drafting for: valuation methodology and apportionment rules for 1 July 2027 valuations; precise trustee payment and credit mechanics; and carve‑outs/exclusions for small business and affordable housing.
• ATO guidance and administrative systems: the Budget flags that the ATO will provide tools for CGT transitional valuations, administer trustee payment obligations and update PAYG/instalment pilots and payments channels for businesses. The scope and timing of ATO guidance will materially affect compliance costs and the incidence of disputes (Tax explainer: Negative Gearing and CGT Reform; Tax explainer: Minimum tax on discretionary trusts). Monitor timing and detail of ATO rulings, tool releases and pilots.
• Intergovernmental implementation and state‑level co‑funding: hospital funding, Local Infrastructure Fund disbursement and excise relief cost sharing involve states. The Budget Paper No. 3 outlines federal‑state payment modalities. Watch negotiations and state budget responses for delivery timing and conditions (Budget Paper No. 3; Care and opportunity).
• Regulatory design and competition safeguards: the Budget expands ACCC reporting and temporarily relaxes some competition constraints to allow coordination in exceptional circumstances and adjusts penalties for breaches. Monitor the legislative framing of exceptions, the Taskforce’s remit and ACCC guidance to assess the scope for coordination versus anti‑competitive risk (Fuel supply and security).
• Program rollout and procurement: defence procurement, fuel reserve logistics and Rail/transport equity investments involve multi‑year contracts and industrial capacity constraints. Timelines, procurement models and private sector appetite will determine realised capacity and sovereign capability outcomes (Security and investment; Fuel supply and security).
• Small business impacts and restructuring costs: the practical demand for rollover relief and assistance through ASBFEO and ASIC will be driven by how many small businesses are operating through discretionary trusts and the cost of restructuring. Watch uptake data, guidance on rollover relief, and ASIC incorporation facilitation measures