Patricia Karvelas

It is permanent.

That's about saying we'll take the money, but we'll give it back permanently.

So over the longer term, the revenue is much better for the budget, bottom line.

Which is a really big deal.

Remember, and the reason it is, sorry to be a sort of bossy boots, but listen to this.

Remember that there was all these proposals, limit it to three properties.

No, it's zero properties unless they're new.

So the current thing, just for those not across it, although they're all nerds, our podcast listeners, they know, it's a 50% discount.

The change is quite significant now, isn't it?

That's going to be their big case.

The other thing that I thought was really interesting is the way they've dealt with this introduction of a minimum tax on discretionary funds.

And I just want to share from the budget papers.

My favourite budget paper always will be forever, my friend, budget paper number two.

Budget paper number one's not bad itself, and it explains this.

It says the number of discretionary trust structures has more than doubled over the past 20 years, and Australia now has over one million trusts, most of which are discretionary trusts.

These are largely used by high-income and high-wealth Australians.

The wealthiest 10% of Australian households hold over 90% of the value of private trusts.

So by doing what they're doing, which is basically whacking a high tax on this, right, they are doing something which targets.

This is the politics.

That's my lens.