Prime Minister Anthony Albanese has labelled Opposition Leader Angus Taylor as 'Temu Abbott' amid a heated dispute over proposed tax changes in the federal budget. The comment came as the government pushes to pass the first tranche of its budget legislation through the House of Representatives on Thursday, with hopes of Senate approval within weeks.
The proposed changes target negative gearing, family trusts, and capital gains tax. Labor requires Greens support to pass the legislation in the Senate. However, Greens treasury spokesperson Nick McKim expressed concerns about the government's sweeping discretionary powers to alter tax rules, calling for a short Senate inquiry to examine the use of legislative instruments.
Albanese defended the reforms in parliament, arguing that most workers have 'never even heard of a discretionary trust' and would never use one to minimise tax. He also claimed the changes would help first-home buyers enter the property market, citing a 400% rise in house prices since 1999 and a 7% drop in home ownership among 25-34 year olds.
The Coalition opposes the reforms and plans to move amendments to split the legislation, supporting the $250 Working Australians Tax Offset while voting against the broader package. However, this move is expected to fail due to Labor's majority. Taylor criticised the government's economic strategy, pointing to a slowdown in GDP growth.
Albanese also alluded to potential Coalition-One Nation cooperation, referring to a 'Liberal One National' coalition. Meanwhile, Treasurer Jim Chalmers dismissed concerns over his discretionary powers as a 'beat-up', stating that legislative instruments are common in tax law. Negotiations between the government and Greens continue, with the Greens' final position yet to be determined.
