Labor reaches deal with the Greens to pass capital gains tax and negative gearing reforms

Key facts

• The Greens have reached a deal with the Albanese government.
• The deal concerns reforms to capital gains tax and negative gearing.
• The Greens secured concessions on the National Disability Insurance Scheme.
• Labor can now pass its budget centerpiece reforms.
• Independent MP Zali Steggall is expected to announce a new political venture.
• The venture follows discussions with other crossbench MPs.
• The proposed party aims to combine strengths of independents and parties.
• The venture may target Senate seats.

The Australian Greens have struck a deal with the Albanese Labor government, agreeing to support its proposed reforms to negative gearing and capital gains tax. This agreement was contingent on the government making concessions regarding the National Disability Insurance Scheme (NDIS). The breakthrough allows the Labor party to secure passage of these significant budget centerpiece reforms before the federal parliament concludes its current session.

In parallel developments within the Australian political landscape, independent Member of Parliament Zali Steggall is anticipated to announce the formation of a new political venture in the coming week. This move follows several months of discussions involving Steggall and other crossbench MPs. The objective of this proposed political movement is to consolidate the influence and strengths of independent politicians and smaller parties. A key ambition of this new entity is to target and contest seats in the Australian Senate.