Albanese has spent his political capital on his tax reforms. Now comes the real test

June 23, 2026 — 2:06pm

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Anthony Albanese’s emphatic federal election victory has delivered the biggest tax shake-up in a generation.

No matter your opinion about the merits of the government’s planned changes to negative gearing and capital gains tax (plus the Working Australians Tax Offset and $1000 standard deduction), the political magnitude of what will pass the Senate this week is difficult to ignore.

You might not recognise it because it’s been so long since a broad range of tax changes, in a single package, have been announced, debated and pushed through the parliament.

Since World War II, there are only three that really surpass it.

Paul Keating’s 1985 package, which cut company and personal tax rates while putting in place the capital gains and fringe benefits taxes, was the first and the biggest.

Labor’s tax overhaul to pass with Greens’ support – and NDIS delays

John Howard and Peter Costello delivered two: The original GST in 1999 (with its deep cut to personal tax rates in return for the 10 per cent goods and services tax), followed by the Ralph review-inspired cut to company tax and the 50 per cent CGT concession in 2000 and 2001.

These........

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