Thursday 14 May 2026

Transcript - Interview with Sky News, AM Agenda

E&OE...

Laura Jayes: We've got Shadow Treasurer Tim Wilson back with us after he had to head into the chamber, but he is back. Getting up your steps for today, Tim. I want to talk to you about this speech from Angus Taylor tonight. Of course, there's a lot of angst, I think, from the Labor's budget that's been handed down just a couple of days ago. It punishes success, it tries to give hope to younger people, but I think it's done the opposite. What are you going to do?

Tim Wilson: Well, I agree with you, Laura. This budget has kneecapped young Australians and we're seeing this more and more as people, young people are realizing that older Australians are grandfathered, so the established are grandfathered from their tax measures while they get none of the benefits associated with it. So our focus is going to be on economic hope. It's about turning around to young Australians and saying you can look to the horizon with confidence and we're going to back in your effort. So if hard work, if you apply hard work it will pay off. You'll have a greater sense of control over your own lives and we will start with a basis of respect which means being forthright and telling you the truth, unlike the Prime Minister of course. There'll be specific measures that will be focused on how to boost the economy and particularly to ensure that hard work pays off. Of course, I'll have to leave that to Angus Taylor to do so, but a key part of it obviously has been flagged is making sure young Australians can get into the housing market because we do have to make sure that young Australians have big dreams.

Laura Jayes: Yeah, we do. But I mean, forgive me for the whole telling the truth thing, but it doesn't seem like any politician in that place has a lot of capital in truth-telling at the moment. Can you restore that? I mean, this is a major party issue, not just a Labor party issue.

Tim Wilson: Well, I accept that there have been issues with multiple parties in the past, and the focused way you do it is by outlining what a clear program is before an election, then seeking to go on and deliver it. And so you're going to hear in Angus Taylor's speech tonight a very clear vision about where he wants to take the country, a very clear outline of some of the steps that he wants to take it, and you'll be hearing more from my National Press Club speech next week because the focus has to be how we're going to build a future for everyone.

Laura Jayes: All right. Let's talk about the tax base because there is this over-reliance on our income taxes to pay for the things that government want to spend on. Will you change that?

Tim Wilson: Well, it's absolutely our intention to make sure that hard work pays off, and the current ratio, I agree, is unsustainable. And particularly with what may be on the horizon around artificial intelligence and what it might do to disrupt employment markets. So I am keen to see a change, but that starts by making sure that the honest taxes of Australians aren't being wasted or given to dishonest purposes like organized crime. So one of the first ways to address that imbalance is to stop the spending binge that is leading to an active inflation agenda which is stoking inflation eating to living standards of Australians.

Laura Jayes: Okay. So on the capital gains tax changes, negative gearing and trust, those three things that were a breach with the Australian public because there was no mandate sought at the election. If you do win the next election, is it right that you will repeal all three?

Tim Wilson: Well, it's right that we'll oppose every step of the way these measures and as part of a reform package we put forward to take the next election, these will not be the measures that will be included. So we'll repeal them in the effect we're focused on what we're going to build though. Labor's economic program is focused on how-

Laura Jayes: -Can I just stay on that? Because not supporting them and repealing them are two different things, as we know. They're likely to be passed before the next election. If you win, you're not guaranteeing that you'll repeal them. Is that what you're saying today?

Tim Wilson: No, no, no. That's not what I'm saying at all. What I'm saying is we will not be defined by Labor's economic agenda and simply be responding to them. We will build out our own economic agenda that focuses on growth, backing Australians where hard work pays off because you just need to look at these capital gains tax measures. They punish young Australians who take a risk as part of their remuneration package they might take shares in a startup and be part of growing the future of the Australian economy and the government is coming to undercut and kneecap them straight away. There are startups now that are being founded- hang, hang on, there are startups that are now being founded where the government has basically come in, the people are taking 100 percent of the risk and doing 100 percent of the work and the Prime Minister is coming along and basically saying I'm going to be a 50 percent equity partner in your business and kneecapping young Australians.

Laura Jayes: Okay. On CGT alone, I agree the package that was handed down on budget night, I think after consultation will not actually be the package that passes parliament. But if it stays as it is right now and you win the next election, will you repeal at least the CGT?

Tim Wilson: Well, yes is the short answer. But we will not be defined by Labor's agenda. We will be putting forward our own-

Laura Jayes: -But what does that mean? I know that, but are you going to repeal these measures and add your own or... you know, I'm just trying to... I'm a little bit bruised from shifty language from out of Canberra, to be fair.

Tim Wilson: It can't be any clearer. There is opposing their measures. We are going to oppose them. We will repeal them, yes. But we will then go on and build our own tax package that focuses on how do we build the future of the Australian economy because we don't believe that the answer is simply to fiddle at the margins. I feel very strongly that we need to realign the incentives in our tax system to promote work, to promote people backing themselves, particularly the self-starters of this country.

Laura Jayes: Okay. So if you win government, people will be able to negatively gear like they are right now, not just on new homes.

Tim Wilson: Well, what we will- the short answer is yes, but the objective is to make sure that we get more housing stock built. Under the government's own budget papers, there's 35,000 homes that are going to be built over the next decade. Rents are going to increase by the government's own admission. We're going to be focused on how do we get more houses built and the measures we need to get there.

Laura Jayes: Okay. Just finally on the welfare issue, whether immigrants, those on visas can access welfare, how many are accessing it right now and how much is it costing?

Tim Wilson: Well, the numbers vary depending on the different projects and it will ultimately depend on the start date. We can only make broad assumptions based on the current trajectory, but it's billions of dollars we know and the key thing we want is to make sure that the Australian welfare system is focused on being aligned to Australian citizens. It's very important that when we have people arrive in Australia and they- where they should be contributing to our country and if they simply- we set them up for failure if we're just making them welfare dependent.

Laura Jayes: Okay. Tim, look forward to talking to you after this speech tonight. Appreciate it.

[ENDS]