Home Politics Penny Wong raises eyebrows as she addresses questions about whether Anthony Albanese will make another major tax change: ‘Tricky’

Penny Wong raises eyebrows as she addresses questions about whether Anthony Albanese will make another major tax change: ‘Tricky’

by Alexander
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The Foreign Secretary took a stand during intense question time in the Senate on Tuesday, the first of the year, amid suggestions her government could no longer be trusted after breaking a key election promise.

The opposition has criticized Penny Wong for using “misleading language” when answering the question: will the government now crack down on negative gearing?

The Foreign Secretary took a stance during intense question time in the Senate on Tuesday – her first of the year – to refute suggestions her government could no longer be trusted after breaking a key election promise.

Prime Minister Albanese surprised voters when he abandoned his commitment not to change the Stage Three tax cuts already legislated.

But amid questions about the government’s approach to the cost of living crisis, Albanese delivered a spectacular reversal of his promised policy by reducing the tax break high earners will receive on July 1.

Senate Opposition Leader Simon Birmingham today questioned whether that means policy changes on negative gearing (where Australians get tax benefits for investment properties when their expenses are greater than their income) and franking credits.

Senator Wong responded: ‘The reality is that those on the opposing side are desperate to find another fight.

The Foreign Secretary took a stand during intense question time in the Senate on Tuesday, the first of the year, amid suggestions her government could no longer be trusted after breaking a key election promise.

“After a period of huffing and puffing, they are now backing the Prime Minister Antonio AlbaneseThe tax plan. “That’s why they’re desperate to talk now about what we’re not doing instead of what we are doing.”

When pressed further by Birmingham, Ms Wong said: “We are not proposing any other changes in the areas that the senator has mentioned.”

That line is similar to the official line taken by Treasurer Jim Chalmers when asked if the government would make any more major economic changes.

It also echoes what the Prime Minister pedaled in the 24 hours before implementing the Stage Three changes.

His language did not go unnoticed in the chamber, prompting criticism from several opposition senators about the “misleading language” that Labor has developed a tendency to use.

Opposition leader Peter Dutton said today that the problem of having

Opposition Leader Peter Dutton today said the problem with having “a liar in the Lodge” is that it makes it difficult to trust any other promises he has made during his tenure.

‘We are reforming the income tax system and providing relief to struggling Australians. We are not considering changes in the other tax system, but changes in the income tax system,’ he stated.

“The reason we do it is because Labor MPs, senators and ministers have understood how important it is to respond to cost of living pressures.”

As the volume turned up in the chamber with senators shouting insults at each other, Ms Wong added: “I know you don’t want to talk about it.”

‘Those in the opposition have supported Anthony Albanese’s tax plan. And now they are trying to distract attention with another scare campaign.

The Coalition has repeatedly raised concerns about the future of franking and negative gearing credits since the government left Stage Three.

Opposition Leader Peter Dutton today said the problem with having “a liar in the Lodge” is that it makes it difficult to trust any other promises he has made during his tenure.

Dr. Chalmers was asked last week about possible future changes to negative gearing policies.

“The reality is that the opposites are desperate to find another fight,” he shouted, as tensions rose in the chamber.

Prime Minister Albanese surprised voters when he abandoned his commitment not to change the Stage Three tax cuts already legislated.

Prime Minister Albanese surprised voters when he abandoned his commitment not to change the Stage Three tax cuts already legislated.

The Treasurer insisted such a policy change was not on the horizon, but repeated the same words Albanese used when he ruled out breaking his promise on Stage Three tax cuts.

“We are not contemplating or considering resurrecting the policies we adopted in the 2019 election,” he said.

“We have not changed our opinion.”

That last phrase was the phrase Prime Minister Anthony Albanese used before announcing that he was, in fact, changing the Stage Three cuts.

“We have not changed our position,” Albanese told voters, journalists and colleagues.

Negative gearing occurs when the cost of owning a rental property exceeds the income it generates, creating a taxable loss that can be offset by other income.

For example, if someone rents an investment property for $20,000 a year but pays $30,000 in interest on their mortgage, they can basically subtract $10,000 from their paycheck and only pay taxes on what’s left.

Negative gearing benefits investors looking to expand their property portfolio rather than first-time buyers.

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