Treasurer Chalmers Defends Budget Tax Changes, Attacks Opposition Leader Taylor

Treasurer Jim Chalmers made his strongest defence yet of the government's contentious May budget while launching a personal attack on Opposition Leader Angus Taylor at Labor's national policy forum in Sydney. Chalmers argued that the tax changes to negative gearing and capital gains tax were essential to address a 'generational crisis' in housing and represent workers rather than those with financial self-interest in maintaining the status quo. He criticized both the Coalition and One Nation for opposing reform, characterizing their position as absurd given their stated desire for change while wanting to preserve existing arrangements. The treasurer also defended against accusations that the budget undermines aspiration, arguing that not everyone is born privileged and that the government's role is to help those without existing advantages. Additionally, reporting indicates the government is reviewing potential carve-outs for innovative start-ups to retain the 50 per cent capital gains tax discount, responding to unexpected backlash from young businesspeople on social media.