Albanese is about to break a major promise, but has done it before and won

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After four years of caution, Anthony Albanese is about to break a major promise on tax and unveil a budget the Labor faithful have been longing for since May 2022.

After a couple of false starts, it now seems clear that next week’s budget will wind back generous negative gearing and capital gains tax breaks, while the tax treatment of family trusts (with a possible exception for farmers) will also change, to reduce their ability to minimise tax.

The trio of policies will not be identical to the proposals Bill Shorten took to the 2019 election – Albanese dumped those when he became opposition leader – but they are the same tax levers. Changes to franking credits, which were weaponised by the Coalition in 2019 to lethal effect, aren’t on the table.

But Albanese is now poised to use his record 94 seats and the likely support of the Greens in the Senate to make significant changes.

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© WA Today