Prime Minister Anthony Albanese has firmly ruled out any changes to capital gains tax concessions on the family home, stating, "We are not going to impact the family home, full stop exclamation mark." In an interview with ABC radio RN Breakfast, Albanese described the idea as "a bad idea" and insisted the government has no intention of altering the policy.
The comments come after the government announced changes to superannuation tax concessions for accounts exceeding $3 million, which will take effect from 2025. Shadow Treasurer Angus Taylor labelled the super changes "the start of a slippery slope" on tax reform, while Opposition Leader Peter Dutton pledged to repeal the measure if the Coalition wins the next election.
Treasurer Jim Chalmers echoed Albanese's stance, stating the government had "not been focused" on capital gains tax concessions and it was "not something we have been contemplating." Chalmers acknowledged he should have been clearer earlier in the day.
When questioned about negative gearing, Albanese dismissed speculation, saying, "We are saying what we are doing." He criticised the opposition for raising concerns about the family home, noting that no constituent had ever suggested taxing it.
The opposition has seized on the tax expenditure statement, claiming Labor is putting $150 billion of taxes "up for grabs." Taylor warned that breaking election commitments on superannuation could lead to further tax changes.
