Senator GALLAGHER (Australian Capital Territory—Minister for the Public Service, Minister for Finance, Minister for Women, Manager of Government Business in the Senate and Vice-President of the Executive Council) (14:10): This is another one that the opposition are opposed to. We inherited a budget with a $50 billion structural deficit, with pressures coming to us—a trillion dollars of Liberal Party debt, debt that had doubled before the pandemic hit. This is the budget we inherited. All of the very modest changes that we're making, including closing some tax loopholes and protecting the integrity of the tax system through the changes we're making to franked dividends, the opposition is opposed to. It is something that raises a very modest $200 million when implemented. Again, they're the 'no-alition' with their head in the sand. They don't want to pay for anything. They don't want budget repair. They don't want to fix the energy crisis. They don't want to support energy power bill relief. They don't want to support housing for women. They don't want to support Aussie jobs. The PRESIDENT: Minister, please resume your seat. Senator Chandler? Senator Chandler: President, the point of order is relevance. It was a very specific question. The minister has been responding for a minute and two seconds, and I would like her to be relevant to the question that I asked. The PRESIDENT: Thank you. The minister is being relevant. I'll listen to make sure the rest of the question is answered. Senator GALLAGHER: The changes to franking credits, through the off-market share buybacks arrangement, and the capital-raising measure, which those opposite announced and never implemented—another one: raise it, put it in there, never do it—are to ensure the integrity of the tax system and to close off loopholes. It's a reasonable, rational, measured response, very small, that assists with budget repair, and they are opposed to it. We will continue without them. It raises $200 million— The PRESIDENT : Minister, please resume your seat. Senator Birmingham? Senator Birmingham: President, this was quite a precise question, with a direct point made by Senator Chandler, asking about how Australian companies pay franking dividends during periods when they are raising capital. I would ask you to invite the minister, in the interests of direct relevance, to turn to the issue of companies raising capital under these reforms and how they are impacted. The PRESIDENT: Thank you, Senator Birmingham. Senator Wong? Senator Wong: The minister is discussing the very policy reform that Senator Chandler asked about. I'd submit to you that is clearly directly relevant. The PRESIDENT: Thank you, Senator Wong. Opposition senators interjecting— The PRESIDENT: Order! I do believe that the minister is being relevant, so I invite her to continue. Senator GALLAGHER: Well, I've answered the question. An opposition senator: No, you haven't. Senator GALLAGHER: I have! If the off-market share buyback arrangement— The PRESIDENT: Minister, please resume your seat. Honourable senators interjecting— The PRESIDENT: I'm asking for order, particularly on my left. Minister, please continue. Senator GALLAGHER: Thank you. The measure will align off-market share buybacks with on-market share buybacks, which I think is a sensible, rational tax integrity measure that raises a very modest amount of revenue and assists with budget repair. (Time expired) The PRESIDENT: Senator Chandler, a first supplementary question?