Transcript

Interview- – News24, First Edition 

Wednesday, 5 August 2026

Topics: tax bill amendments; widow tax; new housing stock; small business; National Australia Bank home loan data; Melbourne arson terrorism investigation.

E&OE……………………..

Peter Stefanovic: Labor is backtracking on the so-called widows tax by amending budget changes that would have denied Australians, who inherited a property from their spouse, access to negative gearing. Draft legislation changes will also include the government's promise to exempt capital gains distributed from testamentary trusts, deceased estates, and special disability trusts from the minimum tax on capital gains. So, let's get some reaction now from the Shadow Treasurer, Tim Wilson. We've also got a timeframe on what qualifies as a new home. We'll get to that in a moment. But Tim, back to the top. Another reason why consultation should have happened before these changes, but here we are. Thoughts on the reversal?

Tim Wilson: That's right, Pete. It's not just about consultation in the lead-up to the budget, it's consultation as the government goes on to implement the budget. We know the government in the lead-up to passing the budget only they gave two days consultation. They basically sidelined and ignored small business. Now, they've released this updated legislation because they've laid landmines all across the economy that keep exploding. The question for the Treasurer is, is he going to allow more than two days of consultation? Is he actually going to give small business a voice this time, or is he just going to censor them and shut them down again?

Peter Stefanovic: Well, I think you've got two weeks. So, is that better than two days?

Tim Wilson: Well, there's also the parliamentary process. So, there's the consultation on the draft legislation, then it goes before the parliament. Last time they allowed two days of consultation, particularly from the small business owners who are being hit, through the Senate. They should be given much more time to give feedback and to make sure that this legislation diffuses the landmines they've set across the economy.

Peter Stefanovic: Yet, should there be a rush on the widows tax though, because there's a lot of concern in the community about that, particularly for those, and in particular women, who might be affected here. There's an idea from the crossbench that this needs to be legislated as a matter of urgency, yet there is no urgency from the Treasurer's point of view, at least according to reports today. Should it be moved quickly through parliament?

Tim Wilson: Well, we know already that there are widows who are being hit by Jim Chalmers's higher taxes. But what he's done is given an edict basically to the banks not to implement the law. So, of course, it should be done. It should have been done properly the first time. And the best way to do it is to make sure it goes through a process, make sure we get input from those who are impacted, and of course, legislate as quickly as possible. But this is the problem of what happens when you have a rushed budget. The government doesn't understand what it's doing. Now they've laid landmines all across the economy, and now they're trying to diffuse them.

Peter Stefanovic: Okay. In any case, are you relieved about the changes?

Tim Wilson: Well, of course, we welcome the government trying to diffuse the landmines they've laid across the economy. We'd rather they not make the Australian economy feel with landmines as a first position. This is a budget the Australians didn't vote for. They put taxes to the Australian people that weren't taken to an election. They then legislated after saying 50 times over they wouldn't do so. So, I don’t really give huge points for a patch-up job for creating the problem and then trying to solve the problem they created.

Peter Stefanovic: Let’s get to some more amendments, Tim, in the draft legislation. So, a new property will now equal two years, so that’s climbed up a bit from 12 months. Do you think that makes it any more palatable?

Tim Wilson: I don’t think it makes it any more palatable. I go back to my earlier comment. These were taxes Australians did not vote for. The Prime Minister himself went to the election and said 50 times over until he was red in the face with red hot rage that he wouldn’t do this. So, now, by trying to diffuse the problems that they've created, it hasn't solved the problem. They're simply trying to find a way to lubricate this legislation through the parliament rather than actually focus on how to build a growth-oriented economy, which is what Australians desperately need to see rising living standards.

Peter Stefanovic: Okay. But I mean, in in terms of lubrication then, I mean, is two years a good enough time frame for you to qualify for a new build or do you think that should be stretched out more to make it more attractive for investors and first-home buyers? Or is that about the right timeframe?

Tim Wilson: We're going to do what the government didn't do, is actually talk to industry and talk to and get input. But, you know, what we need is to make sure that people are investing in property so they can make a buck out of it. Because if you can make a buck, you'll drive money and investment, then you'll get more housing stock, which will push down the price of housing sustainably, not the crash we've currently got, and of course, make sure that we have available rents.

Peter Stefanovic: But do you have a view on the two-year timeframe? Is that good or not?

Tim Wilson: Well, we're working through the legislation, but I'm not totally convinced this solves all of the problems yet, because we know that the government has laid landmines across the economy. They're now trying to diffuse them, and I don't give them points for laying landmines, forgetting where they are, and then trying to figure out how to diffuse them.

Peter Stefanovic: Still on housing. Now you've got a report from the NAB, Tim, that prices will drop by 10% in some areas. That's despite government downplaying concerns yesterday across the board from Richard Marles all the way down. So, now we've got another report telling us more bad news about the property market, that it's going to sink even further. Your thoughts on that report this morning?

Tim Wilson: Well, what we have is a crisis of confidence in the Australian economy, and that is not to be celebrated. Unfortunately, the government clearly doesn't even understand what negative equity is. We've seen that with Matt Thistlethwaite putting his foot in it the other day. When Australians have mortgages bigger than the value of their homes, that doesn't lead Australians to go on and invest in the future, spend to stoke small businesses, and back them in in their communities. The government has created a crisis of confidence in their budget, and Australians will be poorer. That is not something to be celebrated. But what we have is a Treasurer and a Prime Minister running around high-fiving each other, they're crashing the Australian economy.

Peter Stefanovic: Okay. And just a final one here, it's completely separate to that, Tim, but as a senior member of the Liberal Party on the show this morning, you've got this development from the AFP overnight, Victoria's joint counter-terrorism team investigating a defence company arson attack as left-wing violence. So, there's links to Palestine and revolutionary ideologies. Have you got any concerns about that today? What are your thoughts?

Tim Wilson: I haven't seen the report or gone through in detail, but I am concerned because what we've seen is this successive rage of organised criminal activity that started with things like illegal tobacco. That has then financed organised crime and terrorism and of course, left-wing groups. This is now a cartel that goes back to government policy, and we need to make sure there is no direct link between these decisions and these groups, these extremist groups, and government policy.

Peter Stefanovic: That's the Shadow Treasurer, Tim Wilson, on the show this morning. Tim, thank you so much.

[ENDS]