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As it happened: Annual inflation rate falls to lowest level in three years; Labor puts negative gearing back on the table

As it happened: Annual inflation rate falls to lowest level in three years; Labor puts negative gearing back on the table

Prime Minister Anthony Albanese says he hasn’t asked Treasury to examine changes to tax concessions for property investors, but didn’t rule out Treasurer Jim Chalmers doing so and not telling him.

Speaking on ABC Radio Sydney shortly before 4pm today, Albanese said this masthead’s report that federal officials have been asked to start work on options to scale back negative gearing and capital gains tax concessions was “speculative”.

Prime Minister Anthony Albanese has been asked several times about changes to negative gearing.Credit: Alex Ellinghausen

“I know that all of these reports don’t have any names attached to [them] and that apparently Treasury is doing some work on policy,” Albanese said. “Well, that’s what Treasury do. We respect the public service.”

ABC host Richard Glover then asked if Albanese himself had asked Treasury to examine possible changes to both negative gearing and the capital gains tax discount.

“No, I certainly haven’t,” Albanese said, before the below exchange ensued.

Glover: “Has your treasurer, though?”

Albanese: “Well, the [Treasury] department, like all departments, look at various things at various times. So, is this government policy or [a] government request to examine [a] potential policy announcement? No, it’s not.”

Glover: “It’s a fair question to ask you whether you or your treasurer has requested this study.”

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Albanese: “Sure, and I’ve answered that.”

Glover: “You’ve answered it for yourself, but not for the treasurer.”

Albanese: “Well, I’m not the treasurer.”

Glover: “But you must’ve asked [the treasurer], ‘hey, Jim, did you ask them to do this?’”

Albanese: “No, no, not at all.”

Glover: “Sorry, you don’t know whether your treasurer has asked them to do this work or not?”

Albanese: “Well, I don’t know because I’m not the treasurer, and the treasurer is on his way to China as we speak. But what we have done is to concentrate on our Homes for Australia plan.”

After that exchange, the prime minister added: “At no level of the government has there been a debate about anything other than getting our Homes for Australia plan, through.”

Albanese emphasised that plan focused on housing supply and didn’t include changes to tax settings.