Nationals leader Matt Canavan and Senator Taylor push for an early election, saying the public should decide the tax policy rather than be swayed by polls, while denying fears about public opinion.

Labor signals a shift by scrapping the 50% CGT discount in favor of indexed reform and winding back negative gearing on existing properties, a move acknowledged by Prime Minister Albanese and Treasurer Chalmers as a departure from prior stance.

Taylor accuses Labor of failing to present the policy changes to voters at the last election, arguing the CGT and negative gearing reforms should be repealed at the next ballot.

Labor defends the reforms as necessary to address intergenerational housing affordability, while the Coalition vows to block the changes in the Senate, potentially relying on Greens support to pass the legislation.

Polls show high-profile Liberal targets Angus Taylor and Andrew Hastie potentially losing to One Nation candidates, signaling a dramatic electoral shift.

A Redbridge Group and Accent Research poll projects One Nation could win up to 59 seats, potentially replacing the Coalition as the federal opposition in most states except NSW, Victoria, and the Northern Territory, with the Nationals possibly losing all lower-house seats and the Liberals retaining seven.

The Coalition is urging Prime Minister Anthony Albanese to call a federal election over Labor’s tax-policy reversals, citing polls that show potential sweeping losses for the Liberal and National parties and a surge for One Nation.