Thank you, Mr Speaker. Our tax system is unfit for purpose and no-one wants to talk about the underlying issues. In simple terms, we need to raise enough money from taxes to pay for the things we need. We need to do this in a way that's fair, economically efficient and not too complex, and our current system doesn't deliver any of these things. We need to have a rational, adult conversation about our tax system and our future that doesn't descend into outrage and political point scoring. This needs to include communities based on a common vision for the country as a whole and what we value. Most economists recognise that we have a structural deficit in our budget of 1-2 per cent. Our net debt has increased fourfold since 2013. Borrowing to spend is addictive. It can win short-term votes and any particular government won't be around for the consequences. But I want the tax that my kids pay in 20 years' time to be used for services that are needed at the time not to pay interest. The most palatable way to achieve debt reduction is to increase productivity. This is really complex but needs to be a focus including education, workforce participation and workplace relations reform. But what else needs to change? Well I think the following things need to be back on the table. Firstly, income tax. Compared to other countries, Australia relies too heavily on taxing effort. Personal income tax was 39 per cent of total tax collected in 2021, nearly twice as much as the OECD average of 23.5%. With an ageing population, it also does not pass the fairness test. When I was born, there was more than seven Australians of working age for each person over 65. This has now declined to less than four. So a bigger burden is placed on a smaller productive proportion of the population. It is creating a deeply unfair intergenerational burden. Secondly, consumption tax. GST was introduced in an attempt to shift the tax mix. Compared to other countries, we charge GST on fewer things and at a lower level. Last year the OECD average with 19.2% compared to our 10 per cent. The challenge with GST is that it's regressive. Everyone pays the same percentage so this works out to be a smaller proportion of total income for those on higher incomes and a large proportion for those on lower income. We probably need to broaden the GST base and look for more elegant ways to address the redistribution problem. Thirdly, Resource Rents. Australians collectively own our natural resources. When we allow companies to dig them up and export them, we should be paid appropriately. The Petroleum Resource Rent Tax earns an embarrassingly low amount of revenue due to its structure and write-downs and profit shifting. There is no tax paid on two-thirds of the gas exported from WA last year. In 25/26, PRRT revenue is forecast to be worth .08 per cent of GDP. We missed an opportunity this year with pitifully small changes made to the PRRT which unsurprisingly had the support of the fossil fuel industry. We are not being adequately compensated for the use of our natural resources which is made worse by the fact these fossil fuels are actually doing damage. Fourth, complexities. Our tax systems also contain numerous complexities that provide the wrong incentives. Negative gearing was introduced in order to boost supply of rental properties, rental availability is now below 1 per cent. This has not worked and we are not even allowed to talk about it. You watch, I will be crucified for even uttering the words. The concession on capital gains tax for investment properties has made it easier to buy your second house than your first house. We need to be able to talk about whether this is what we actually want. Stamp Duty creates a transaction cost making it harder to change houses, replacing this with land tax would mean people would be more likely to live in the house that's fit for purpose right now. I could go on, plenty of ideas on tax reform but no courage. The world is changing, we're getting older, fewer workers are shouldering our tax burden, decarbonisation puts our exports at risk and means we need to incentivise investment. We need to drive productivity so we can continue to enjoy prosperity in coming decades because of decisions we have made, people in their 20s cannot imagine owning a house. We have a structural deficit, we can't afford the things we deserve. All of these have implications for our tax system. This needs to be an issue at the next election. Without some courage, we will keep sleepwalking away from a thriving future.