Live: PM confirms he intervened to delay ATO credit card ban

Legislation establishing a national gas reservation scheme will be introduced to federal parliament today.

The government wants to force exporters to set aside up to 20 per cent of their gas for the domestic market in a bid to put downward pressure on gas prices within Australia.

Labor released a draft bill last month, but has confirmed it has since made some changes to the legislation.

This includes limiting ministerial discretion, and ensuring states and territories are consulted on decisions made within the scheme that impact them.

Resources Minister Madeleine King will today use a speech to hail the legislation as a "landmark moment" for the country.

"We need gas to support the rollout of renewables. We need gas to have a strong Australian manufacturing industry," she will say, according to an excerpt of the speech.

"We need gas to continue heating our homes. And we need gas to process more critical minerals and rare earths here in Australia."

The opposition wants more details on the legislation, but has given an early indication it is willing to support it.

Roughly 200,000 small businesses will be impacted by the government's proposed minimum tax on discretionary trusts.

The legislation to establish a 30 per cent minimum tax on trusts will be introduced to parliament this morning.

A discretionary trust is a trust structure that gives its owners the flexibility to shift their money into the names of family members, holding companies or others.

The plan is opposed by the Coalition and has received pushback from business groups. Housing Minsiter Clare O'Neil told Seven this morning that it would only impact 10 per cent of small businesses.

"The vast majority of businesses will have no effect from this because they don't structure their arrangement int his way," she said.

Liberal frontbencher Michaelia Cash, who was also on the panel, described the plan as "stark raving mad".

"[Small businesses] are not a bottomless ATM," she said.

"What an absolute disgrace by saying not all ... small and family businesses will be affected. The fact that some are is bad enough."

Opposition Leader Angus Taylor and other Coalition backbenchers may have labelled the Australian-led pre-COP a failure, but Liberal backbencher Andrew McLachlan doesn't agree.

With a cost to taxpayers of roughly $20 million dollars, a variety of questions loom over whether the event was worth it (check out this cracking analysis from my colleague and foreign affairs reporter Stephen Dziedzic).

McLachlan believes events such as pre-COP are important if Australia wants to position itself as a leader in the Pacific.

"I think they're very worthwhile," the senator says.

"You can't be a Pacific nation and contribute to the life of the Pacific and turn your back on initiatives that seek to solve those issues.

"I'm a strong supporter of the COP process and of the government's initiatives.

As for Taylor's "pre-COP flop" jibe?

"I think denigration of acts of good faith in the Pacific are petty," McLachlan responds.

Liberal senator Andrew McLachlan has warned his own party against adopting language used by One Nation, as the opposition leader uses terms such as "mass migration" to pitch the Coalition's migration plan to Australians.

In mid-September, One Nation unveiled its migration policy with the promise of slashing the nation's "mass migration" and providing "breathing space".

Both "mass migration" and "breathing space" were used by Taylor at the launch of the Coalition's migration proposal on October 6, and the terms have been used in the days since.

That concerns backbencher McLachlan, who criticised Taylor's use of "mass migration" earlier this year.

"I don't think it's a good idea in any way, shape or form to adopt any language that One Nation is using," the South Australian senator says.

"Mass migration is really a term that's used in extreme circumstances and I know from my own lived experience in South Australia it causes concern amongst communities that have recently arrived to Australia and settle."

McLachlan also urges his Coalition colleagues against outsourcing "policy development to One Nation".

"We should lead out with our own sense of self-confidence… with all our policies underpinned by solving Australian's problems, with a thread of compassion."

Labor's senior figures are projecting confidence the party can overcome One Nation's surge, while acknowledging the economic frustrations driving voters towards the populist right.

Prime Minister Anthony Albanese has declared he is not "spooked" by the challenges facing Labor and denied he had sought to soothe the nerves of MPs fearful of a mid-term slump.

Meanwhile, Treasurer Jim Chalmers has warned the federal government cannot simply hope the far right "goes away or implodes", urging progressives not to "mock" or "talk down" to voters attracted to the One Nation message.

Catch up on the story from Clare Armstrong at the link below. 

Key Event

The prime minister has sought to make peace with the business community after his government faced backlash over the tax office's ban on credit card payments.

Following criticism from businesses, the government announced last week it would give the ATO extra funding to ensure it could keep taking credit card payments until July next year.

In a speech last night at an Australian Chamber of Commerce and Industry (ACCI) event, Anthony Albanese revealed he personally intervened in the situation after getting a text message from ACCI chief executive Andrew McKellar.

"My door is always open. Andrew did text me last Thursday morning and by Friday morning we had an announcement," Albanese said.

"That was an example of a relationship that takes time develop as well, that trust."

At the event, McKellar also praised the prime minister for acting quickly to "provide vital breathing space" for small businesses impacted by the ATO's decision.

"Prime minister, to your credit, your door was open, you engaged, you listened," he said.

"We welcome that response and we will use the additional time to work with the tax office now to find a sustainable, long-term solution."

Hello friends. Welcome to our politics live blog.

I'm Courtney Gould from the ABC's Parliament House team, here to guide you through the day.

We're expecting a number of things to be introduced to the parliament today. First, is the government's proposed crackdown on discretionary trusts, followed by the national gas reservation scheme. Resources Minister Madeleine King will then head down to the National Press Club later today.

We also learned more about Labor's move to fund a delay to the ATO's credit card payment ban. More on that very soon.

There's a bit going on so let's jump straight into it.