Fairer tax for a fairer society

February 18, 2026

Cutting taxes is an easy road to popularity; increasing taxes requires a convincing presentation framework to demonstrate taxpayer value. Labor must promote taxation reform as a program for social benefit: reducing the income tax burden for those who need support (eg wage-earners, particularly the younger taxpayers and the lower paid who struggle with cost of living pressures) while adding or increasing contributions from those who currently receive favourable treatment. These reforms would not be introduced simply to raise more funds, but to create greater tax equity and thus strengthen social cohesion. Possibilities include reducing those concessions seen as overly-generous, such as: • Phasing out the capital gains tax discount, and negative gearing on multiple properties; • Reforming the Petroleum Resource Rent Tax so it generates a fair return to Australia for the oil and gas extracted And: • Introducing a carbon tax to stimulate real emission reductions and help foster a safer climate future for today’s younger generations • Restoring a measure of taxation on retirees’ pensions • Creating an inheritance tax.

This government has a wonderful opportunity to help create a fairer Australia, and leave this as an enduring legacy: will it have the courage to grasp this nettle?