Thursday, 25 June 2026

Transcript - Interview on Channel 9, Today Show

Topics: Jim Chalmers’ active inflation agenda, widows tax, Liberal Party, Socceroos

E&OE........

Tom Steinfort: Welcome back. A rise in underlying inflation announced yesterday is fuelling fears that the Reserve Bank will have no choice but to increase interest rates yet again. Joining us to discuss today's headlines is Minister for Defence Industry Pat Conroy, and Shadow Treasurer Tim Wilson. Good to see you both. Pat, starting with you, if the RBA does hike rates in August, is Labor going to bear any responsibility for that?

Pat Conroy: Well, I welcome the fact that headline inflation has come down substantially for the second month in a row, and that's good news for consumers, but we know there's more to do, and that's why we're delivering targeted cost of living relief: five tax cuts, cheaper medicine. So, we are fighting the inflation dragon and we've made substantial progress. The war in the Middle East hasn't helped, but we know there's more to do.

Tom Steinfort: And Tim, do you see this progress?

Tim Wilson: Not at all. I mean, you see the underlying rate of inflation continuing to increase, and this is the fundamental problem that we now have. The Albanese government has an economic model which is to stoke inflation, tax inflation, then spend the inflation and keep it in a vicious cycle that continues going. They haven't tried to tame the inflation dragon; they've let it off its leash.

Pat Conroy: Well, that's just wrong, Tim. Your policies that you took to the last election would have led to higher debt, higher deficits, and more spending.

Tim Wilson: Mate, you're talking about inflation, I don't think you know what you're talking about.

Pat Conroy: Seriously. No, no. Just calm down, Tim. You need to calm down as usual, mate. The fact is, your policies would have led to a higher deficit and higher taxes, so you've got no economic credibility here. We're fixing the mess. We're fixing the mess you created when you were in government.

Tim Wilson: So just to be clear, the Treasurer said that we had turned the inflation corner last March. It's true that we, in the end, did turn the inflation corner, but it was the wrong corner, we're going up. Now, if you want to blame that on what we did when we were last in government, frankly, you need a breathalyser. This is the problem we now have—hang on, I want to finish that. Calm down, Pat, calm down. I was saying something. The reality is we've seen this government continue to stoke inflation by overspending, by pouring debt petrol on the inflation fire, and that's why there's a persistent inflation problem. If Iran disappeared tomorrow and we now have what seems to be some workable peace, guess what? Inflation is still a problem.

Tom Steinfort: All right, things are coming in hot this morning, so we might move it along pretty quickly because I get the sense you two could talk this topic for hours. We might move to Labor's contentious tax package. It is set to sail through the Senate today despite those lingering questions over the so-called "widows tax". Pat, this has got a lot of people concerned because property owners, you know, if there was a couple that owned a property before the May budget, they will now be losing the grandfathering exemptions should one of them die or they get divorced. Explain how it's fair that if your partner dies, that then you get a tax whack on top of that.

Pat Conroy: Well, this is no different to any other part of the taxation system, that when there's a change of asset ownership, things like grandfathering end. This is perfectly consistent with the broader taxation system. But it's important to go back to principles of what we're doing. This is about fixing a system that's broken. This is about giving first home buyers a chance of owning their first home, and we make no apologies for making this—

Tom Steinfort: At the centre of this is fairness. At the centre of what you're proposing is fairness. Is it fair that if your wife dies, that you then cop a second hit from the tax office?

Pat Conroy: Well Tom, this is no different to how the broader taxation system works. This is perfectly consistent with the rest of the taxation system when there's a change of asset ownership. We're doing this because the system is broken and to give first home buyers a chance of getting their dream home. We make no apologies for trying to get 75,000 more Australians into their first homes. I think if anyone's suggesting the housing system is working at the moment, then they're living in a different reality. We're making the hard decisions to fix this system, and asset transfer is treated as per normal under the taxation system.

Tom Steinfort: Hey Tim, I just want to ask you something quickly before we move on. These reports in The Australian today that there's fresh leadership murmurings in the Liberal Party. Angus Taylor, they're saying he could be in trouble again. You doing the numbers to become opposition leader?

Tim Wilson: Haha, spare me. The focus of the Coalition is to make sure we're selling our clear message about how we're going to improve Australians' lives. Because inflation is a persistent problem under this government, we've announced our Tax Back Guarantee so that every time inflation goes up, the silent thief of the Treasury and the Treasurer doesn't come along and take more of your wage. We're going to return it through tax cuts. We're going to make sure that small business in particular is backed by making sure they get a $50,000 instant asset write-off and making it permanent. Our focus is on how we confront the economic challenges of the country.

Tom Steinfort: You didn't answer the question. Do you want to be opposition leader?

Tim Wilson: I've said already that that's not on the conversation, that's not the focus at all. The focus is on making sure we get our message out there to the community because Australians need hope right now. Australians are living with the consequences of the Albanese government's economic plan which is increasing inflation, increasing taxes, betraying the Australian community. And we just heard, they're now rationalising why widows should have higher taxes than when before their spouse was alive. This government's economic priorities are actually really distressing because whatever it is, the focus is how to empower them, give them more control, and add more taxes onto the Australian people, and frankly, lie about it before an election then just do whatever they want after.

Tom Steinfort: A lot of butting heads today, gents. Come on, let's unite here. Where are we watching the Socceroos tomorrow?

Pat Conroy: I'll be watching it from Canberra Airport as I fly home. So, I'm hoping to get most of the match in before I get on a plane, but I'll certainly be cheering them on as they need to win or at least draw in that critical match.

Tom Steinfort: And Tim?

Tim Wilson: Well, probably the same, and of course I'll be cheering them on and we're hoping desperately they get across the line against Paraguay.

Tom Steinfort: Absolutely. All right, good to see you both. Safe travels.

[ENDS]