The Hon Tim Wilson MP

Federal Liberal Member for Goldstein

Shadow Treasurer

Monday 4 May 2026

“The first bit of Budget honesty we have had from this Treasurer is admitting he has betrayed Australian Mums and Dads by breaking his election tax promise and that he will be introducing a full suite of family savings taxes”, said Shadow Treasurer, Tim Wilson.

Mr Wilson’s comments follow Jim Chalmers confirming they are breaking their promises not to touch capital gains, negative gearing and trusts.

After the election the Prime Minister said:

“And our tax policy, the only tax policy, that we’re implementing is the one that we took to the election”.

7 August 2025, Source: https://www.afr.com/politics/federal/no-new-taxes-before-election-says-pm-20250807-p5ml1b

Before the election the Treasurer responded to a question about whether he “would like to make changes to negative gearing”?:

“No, that’s not something we are proposing, not something we are considering, not something we are working up”.

11 February 2024, Source: https://www.theguardian.com/australia-news/2024/feb/11/jim-chalmers-negative-gearing-capital-gains-tax-changes?

“The Prime Minister and Treasurer kept dancing with tricky rhetoric to get through the last election, but their deception has caught up with them and they’ve had to admit they’ve betrayed Australian families”, Mr Wilson said.

“Chutzpah is Jim Chalmers arguing he needs to betray Australians to be trusted”.

“The Albanese government have flagged a family savings tax on shares, a family saving tax on small business, a family savings tax on property, and they’re now whacking a family savings tax on trusts”.

“We have the Prime Minister fuelling family fights over Sunday roasts, and all because the Treasurer didn’t take inflation seriously”.

“The full family savings suite is on the hit list - this isn’t tax reform, it’s just a tax raid”.

“While the Prime Minister is arrogantly boasting of his third term, he’s set to introduce the next tax Australians didn’t vote for”, Mr Wilson said.

ENDS