The Bottom Line
Updated Saturday 17 October 2026
The Treasurer introduced legislation to impose a minimum tax on discretionary trusts from 1 July 2028, describing it as part of what the government calls the most ambitious tax reform package in a generation. The Treasurer said the number of discretionary trusts has more than doubled over the past 20 years to over 800,000, and that Treasury analysis shows families using such trusts faced an average tax rate around 4 percentage points lower than comparable families who do not. The Treasurer said more than 95 per cent of individual tax filers do not receive trust income and more than 90 per cent of small businesses will not be affected in any given year.
The Treasurer acknowledged a G7 commitment to release 100 million barrels of oil, with the International Energy Agency involved in the response. The Treasurer and UK Chancellor John Healey said energy shocks are driving up fuel prices, inflation and interest rates around the world, including in Australia.
ABS Labour Force data show the seasonally adjusted unemployment rate reached 4.7 per cent in September, its highest reading since at least October 2025, up from a low of 4.1 per cent in January. MacroBusiness reported that market expectations for a further RBA rate rise eased following the release.
The RBA cash rate stands at 4.6 per cent following its September move, having risen from a trough of 3.6 per cent in August 2025 across four successive increases. The Treasurer, delivering the 2026 Bernie Fraser Oration, said inflation was higher at the time of the speech than a year earlier, when rates had been cut three times.
Every figure is checked against official data or attributed to the body that announced it. Past editions