Australia’s lower house of parliament passed a bill on Thursday for the government’s biggest overhaul of ​taxes in decades, curbing tax breaks for property investors ‌to make housing more affordable and scrapping a capital gains discount.

The measure cleared the House of Representatives 94-48 after failed amendment ​bids by the opposition and some independents.

Some businesses ​had urged the government to exempt them from ⁠the capital gains overhaul and confine changes to real ​estate.

“Passed the House: tax cuts for every worker and a ​fair go for first home buyers,” Prime Minister Anthony Albanese said on X.

The measure now goes to the Senate, where the government ​lacks a majority and will require crossbench support.

The reforms, unveiled in ​last month’s federal budget, will see a tax on inflation-adjusted gains replace a ‌capital ⁠gains discount of 50% for assets held longer than a year.

A 30% minimum tax on net capital gains will start from July 2027.

The bill aims to limit negative ​gearing to ​newly built homes ⁠so as to steer capital toward new housing supply, narrowing a rule that lets investors ​offset property losses against taxable income.

The bill ​also gives ⁠workers a new tax cut, through a tax offset of A$250 and a new instant tax deduction of A$1,000 ($710).

These ⁠will ​be in addition to already legislated ​tax cuts, giving annual savings of up to A$536 to individual taxpayers.