A growing coalition of business groups and tax experts have called on Anthony Albanese and Jim Chalmers to put fundamental tax reform ahead of short-term politics, warning Australia’s strong fiscal position is masking a taxation landscape crumbling under the pressure of a rapidly ageing population.

The Corporate Tax Association, Business Council of Australia, Institute of Public Accountants, and Chartered Accountants Australia and New Zealand say an overreliance on income tax is adding to risks from an ageing population, productivity challenges and huge budget demands. Both parties should develop bold reform plans ahead of the next election.