In a tense Today Show interview, host Sarah Abo challenged Prime Minister Anthony Albanese on his government’s trustworthiness following Federal Budget changes to negative gearing that contradict pre-election commitments.
Negative Gearing Reforms Break Promises
Treasurer Jim Chalmers revealed plans to limit negative gearing to new builds only, reversing Labor’s pledges against altering tax arrangements that enable property investors to offset costs like loan interest, maintenance, and rates against their taxable income.
Abo pressed Albanese on bypassing voters: “Why have you chosen to lie to Australians instead of letting them vote on it?” She then questioned plans for a death tax, which levies estates—including property, cash, and inheritances—before distribution to heirs.
Prime Minister Rejects Death Tax Introduction
Albanese firmly denied any death tax: “No. These are the positions that we’re putting forward, Sarah.”
Abo persisted: “But things change, don’t they, as you and the Treasurer have repeatedly said.”
The Prime Minister countered: “We have put forward these changes. We’re being upfront about that.” Abo responded: “But you’ve also said that things change, so how can we believe you?”
Under the reforms, owners of existing negatively geared properties or those building new homes on vacant land retain eligibility for deductions.
Albanese’s Property Holdings and Past Use
Albanese acknowledged prior use of negative gearing during a Sky News appearance: “Oh, look, I have in the past, absolutely.” He added that his finances are transparently declared like everyone else’s.
His portfolio includes a $4.3 million clifftop home in Copacabana on the NSW Central Coast and a property in Marrickville, Sydney’s inner west. He recently sold an apartment in Canberra and a home in Dulwich Hill.
At least 15 cabinet ministers hold investment properties, with 10 reporting rental income, preserving their access to negative gearing. Albanese defended this: “They operate in exactly the same way. In what way is there a differentiation?”
Opposition Slams Broken Trust
Shadow Treasurer Tim Wilson criticized the moves, noting Labor’s election promises on capital gains tax and negative gearing: “The Treasurer has been caught out, basically lying to the Australian community with the Prime Minister.”
Wilson highlighted public anger and questioned the policy’s promised benefits.
