CANBERRA — Australian Prime Minister Anthony Albanese pushed for fast-tracked passage of the first tranche of the government’s budget legislation through the House of Representatives on Thursday during parliamentary question time in Canberra, as negotiations with the Greens continued over concerns about discretionary powers in the tax reform bill. The proposed tax changes, which include reforms to negative gearing, family trusts, and capital gains tax, require Greens support to pass in the Senate.
Albanese argued the reforms would make it easier for first home buyers to enter the property market, noting that house prices in Australia have risen 400% since 1999 while the home ownership rate among Australians aged 25 to 34 has fallen by 7% over the same period. “Most workers have probably never even heard of a discretionary trust,” Albanese said in a parliamentary speech.
Treasurer Jim Chalmers dismissed concerns about his authority to adjust tax rules after the bill becomes law, describing media coverage of the issue as a “beat-up.” He added that it is “not unusual in tax legislation for definitions to be settled in what are called legislative instruments.”
Greens Treasury spokesperson Nick McKim expressed caution, stating the party is concerned the government would hold “sweeping discretionary powers to change tax rules.” McKim warned the treasurer would have the power to “fundamentally alter these tax changes after it became law.” The Greens plan to hold a short Senate inquiry before voting on the bill.
During question time, Albanese referred to Opposition Leader Angus Taylor as “Temu Abbott” and labeled a possible alliance between the Coalition and One Nation as the “Liberal One National” coalition. Taylor had criticized the government’s economic strategy, citing national accounts showing a slowdown in GDP growth. The Coalition intends to move amendments to split the budget legislation in order to support the $250 Working Australians Tax Offset while opposing the broader tax reform package.