Prime Minister Anthony Albanese has defended the Federal Government’s proposed tax reforms, rejecting Coalition criticism and insisting the changes are necessary to improve housing supply and create a fairer taxation system.
Speaking to ABC Perth Drive on Monday, Albanese acknowledged the reforms had sparked strong debate but said major structural changes were always difficult to sell politically.
“We always thought it would be difficult because when you’re putting forward big reform, and this is tax reform that’s been called for for a long period of time.”
The Prime Minister argued the reforms would encourage investment in new housing rather than existing properties, saying the policy was aimed at increasing supply while still allowing current negatively geared investments to continue unchanged.
Albanese rejected claims from the Opposition that the changes would hurt millennials, startups and small businesses, after Shadow Housing Minister Andrew Bragg described the reforms as “a tax on everything”.
“Andrew Bragg’s talking nonsense,” the Prime Minister said, insisting the government’s measures would still allow Australians to invest while treating capital gains more consistently across different asset classes.
The Prime Minister also denied suggestions that the reforms amounted to a “death tax” or an attack on discretionary trusts, accusing parts of the media and Opposition figures of spreading misinformation about the budget measures.
“We’ve got to combat that misinformation that we expected to occur.”
The comments come as the Government faces mounting scrutiny over its economic agenda following recent opinion polling showing Opposition Leader Angus Taylor leading as preferred prime minister.
Albanese also defended changes to the National Disability Insurance Scheme, saying the program’s previous annual growth rate of 22 per cent was unsustainable.
“The NDIS is too important to leave in that situation, which is why we’re making it sustainable.”
On foreign investment, the Prime Minister confirmed the Government wanted stronger Australian ownership of critical minerals and rare earth assets, following Treasurer Jim Chalmers’s order that Chinese-backed investors divest shares in Northern Minerals.
Albanese said,
“When it comes to critical minerals, rare earths, some of these essentials, we want Australian ownership of it, because it’s so important for our sovereignty going forward.”
Support our Journalism
No-nonsense journalism. No paywalls. Whether you’re in Australia, the UK, Canada, the USA, or India, you can support The Australia Today by taking a paid subscription via Patreon or donating via PayPal — and help keep honest, fearless journalism alive.
