The former prime minister publicly criticizes the Coalition’s policies, arguing the 50% flat capital gains tax (CGT) discount introduced in 1999 helped drive up house prices and distort capital taxation, and contends the reform aims to restore equity.

He defends Treasurer Jim Chalmers, saying critics are motivated by greed and urging a move toward taxing capital gains more equally with income.

Keating links decades of preferential treatment for investment income under Liberal leadership to inflated house prices, identifying the 50% CGT discount as a key driver of price growth.

Additional details on the policy rollout are expected in upcoming reporting.

Labor may push budget legislation through Parliament before the July winter break to avoid formal inquiries and potential anti-reform campaigning.

Prime Minister Albanese frames the reforms as fair, saying tax reform shifts the burden from wages to asset income and improves equity, while Chalmers notes ongoing consultation with the tech sector but no reversal yet.

The budget includes a permanent $250 Working Australian Tax Offset, with opposition calls for broader tax-indexing to inflation rejected in favor of targeted offsets.

Chalmers reiterates the tax system is out of whack and emphasizes multiple tax cuts to boost work incentives, focusing on CGT changes for startups to support entrepreneurship.

NSW Premier Minns distances himself from the CGT changes, calling for bigger personal income tax cuts and criticizing the federal government for not delivering stronger relief.

Small business groups and Coalition critics warn the reform could stifle entrepreneurship, a concern Keating dismisses as overstated.

Opposition figures attack the budget measures, with promises to oppose the reforms and to repeal them if the Coalition wins the next election.

Keating is portrayed as a mentor to Treasurer Chalmers, with the reform framed within the broader Labor policy stance.