Interview on Sky News with Peter Stefanovic

Peter Stefanovic: Well the Prime Minister has reportedly demanded his ministers find billions of dollars in savings for the May budget to prevent further fuelling Australia's persistent inflation problem. Joining us live now the Shadow Treasurer Tim Wilson. Tim, it's good to see you this morning. So this is a surprise really because the Treasuer has said publicly that there's no spending problem. So what do you make of this new found restraint?

Tim Wilson MP: Well, eventually reality has bit the very thin excuses that the government has been running. We've had Pyro-Jim charmers out there pouring debt fuel, debt petrol on the inflation fire, and it's catching up with the government as their excuses no longer hold. The Prime Minister is now coming and overriding the Treasurer and saying, mate, you're causing this problem. Your job is now to stop it, and other ministers, to stop because we can't let Pyro-Jim keep pouring, debt petrol onto the inflation fire.

Peter Stefanovic: So according to reports this morning, the restraint is going to be across the board from defense, to intelligence, to infrastructure, also looking at lowering the growth rate of the NDIS to between that lower level of five to six per cent. Can that be achieved?

Tim Wilson MP: Well, it's disappointing they're starting there when really what they should be starting with is the corruption. We know that through the CFMEU Labor Cartel, $15 billion of taxpayers' money, at least, has been handed to organised crime. I'd be stopping that before I had stopped certain other programs. I'd stop the corruption in the NDIS. The NDIA has estimated that it's around 10% or around $5 billion per annum. Stopping the corruption first, is more important than, of course, going through and looking at where prudent savings need to be made. These are easy decisions. Stop the corruption. Stop pouring debt petrol on the inflation fire if you want to see a change.

Peter Stefanovic: Instead they're also looking at winding back the capital gains discount that that you're aware of. Bernie Fraser He said yesterday that it should be cut completely, but it's still not going to change supply, even Treasury admitted that yesterday.

Tim Wilson MP: Yeah, well, we've now had a shocking acknowledgement. Increasing taxes isn't going to increase or incentivise new housing to be built. Sort of, duh. The reality is we've all known that. Labor's just using this as a revenue measure because they want to take more control over Australians' lives. And this has been clear, I think, to everybody every step of the way. But Bernie Fraser was right about one thing. There is a cartel, but the cartel that operates is not the one that he's talking about. It's the one between industry super funds, the unions and the Labor Party to make sure that the cash keeps flowing and, of course, there's graft and cartel kickbacks every step of the way, including the $15 billion given to organised crime by the CFMEU Labor Cartel.

Peter Stefanovic: Also, and look, I'm no Einstein, but I would have thought that if certain advantages are taken away, owners of homes will just raise rents, won't they, to make the most of their investment?

Tim Wilson MP: Absolutely, the costs always get passed through to the renters. And that's always the challenge. A lot of the proposals that are being put forward thinking you're going to punish investors just means less homes, which means that more people are competing for fewer available properties for rent. That means prices go up. That's why what Labor is, so far proposing amounts as a housing tax, and particularly a housing tax on rents.

Peter Stefanovic: On capital gains and there have been claims of hypocrisy here because you've spoken in the past about an intergenerational injustice when it comes to capital gains tax. I asked you about this last week Tim, but Labor's no doubt going to keep reminding you of this, these past comments. Have you changed your view?

Tim Wilson MP: I'm quite happy to be reminded. Because what I highlighted was the same as, by the way, what Paul Keating has highlighted. It's what Bill Kelty has highlighted, and what's the point? The marginal tax rate is... top marginal tax is too high. It's at 47 cents on the dollar. That's too high, and I said we should cut that, and, of course, Jim Chalmers' answer is, let's raise other taxes to get up to the 47 cents on the dollars. This bloke does not understand his portfolio. He's a passenger in it. When you've got Bill Kelty, Paul Keiting and Tim Wilson on the same page. It's says something pretty shocking and indicting on Pyro-Jim and his agenda, which is to raise higher taxes on Australians'.

Peter Stefanovic: The points about capital gains tax though, do you not think now that there is not, a generational unfairness when it comes to that particular tax?

Tim Wilson MP: Well, there's a serious issue where the only thing that young Australians have to sell, which is their physical and intellectual labour, is being taxed at 47 cents on the dollar. I've said that consistently because there is a problem there. That is the intergenerational unfairness which is associated with a high rate of income tax. With the rate of income tax. And that's what my book actually says. It's just that Pyro-Jim likes to circulate out certain sections of it thinking it's gonna boost his argument. Jim, I wanna make it clear. I am quite happy to remind everybody that I think 47 cents in the dollar is punitive.

Peter Stefanovic: Yeah, but just on capital gains tax, you don't think that's unfair anymore?

Tim Wilson MP: Well, I think the income tax is unfair and it's the differential rate between the two, that is unfair because you have a situation where income tax is too high. That's what my book says, that's what I believe, that is what Bill Kelty believes, that's what Paul Keating believes. The only person who thinks that we should be raising taxes in this environment is Pyro-Jim. So he's got more debt petrol he can pour onto the inflation fire.

Peter Stefanovic: I'm out of time, Tim, but I do have to ask you, I've been asking everybody today about this alleged threat that happened at the lodge last night, forcing the Prime Minister to evacuate. Have you got a thought on that this morning?

Tim Wilson MP: Well, I just wish the Prime Minister and his family safety. I don't think that violence is ever the answer. And it concerns me greatly that no matter what political stripe somebody has, that we could have such risks. It's not something we're used to. It should be anathema to the Australian way of life. And it's certainly something that I don't want to see tolerated or accepted.

Peter Stefanovic: Ok, that's the Shadow Treasurer, Tim Wilson.
ENDS