Anthony Albanese and Angus Taylor are both putting a lot of chips on the table. Only one of them will get the chance to cash them.
Albanese insisted on protecting existing negative gearing investors,as Taylor pledged a “generational” tax plan in his budget reply speech with tough migration targets.
The under-pressure opposition leader is considering a tax pledge pegging marginal tax rates to inflation or wage growth to reduce bracket creep.
In an extraordinary political gamble,Albanese broke his election promise not to touch tax concessions as Treasurer Jim Chalmers revealed a budget night overhaul of negative gearing,capital gains tax and trusts.
Fraud poses a persistent problem for the government as Australians look to exploit generous programs after more than a decade of slow growth in living standards and declining trust.
Unlike John Howard’s call to propose a GST after ruling it out,Anthony Albanese will not give voters the chance to have a say on his U-turn on taxing assets and wealth.
Speculation has swirled that the Coalition and One Nation could join forces after Pauline Hanson’s party seized its first lower house victory at an election on Saturday.
Weeks after Labor’s monster win,Albanese started thinking big on housing. By last summer,he was hatching a plan - and only two other people knew about it.
A potential one-off tax offset for wage earners is expected to be handed to voters at tax time in 2027 rather than this financial year.
The Albanese government is bracing for arguably its biggest policy brawl to date as it prepares to break election promises on negative gearing.