Opinion: Negative gearing ‘hit’ cost PM, to the benefit of Treasurer

The past week was a live-firing exercise between the current Prime Minister and the next Labor prime minister, writes Cameron Milner.

Treasurer Jim Chalmers addresses media in Beijing. Picture: Will Glasgow

The past week has been a genuine insight into the “sliding doors” moment facing the federal Labor Party. The negative-gearing policy might well have been what was being discussed, but once again Prime Minister Anthony Albanese’s ability to campaign and communicate, or lack thereof, was on national display.

It was also a live-firing exercise between the current Prime Minister and the next Labor prime minister, Treasurer Jim Chalmers.

As Albanese squirmed and sweated under the glare of Sky News host Peter Stefanovic’s questioning during a train-wreck morning TV interview, Mr Chalmers was on the global stage brokering our economic future with our largest trading partner, China.

Very few things happen in politics totally unplanned, and the “drop” floating negative gearing changes to James Massola at the Sydney Morning Herald – with not one but two “senior Labor sources” – was a very well-placed political hit on Mr Albanese.

This was no random leak. It was a deployment of precision ordnance.

Of all the days this could have been dropped, it was published as an exclusive the morning before the Treasurer boarded a plane for 10 hours. That meant Mr Albanese would be left all alone for an entire day to take the questions.

And Mr Albanese didn’t even have his Foreign Minister Penny Wong or deputy Richard Marles as human shields, being respectively in New York or London and unable to “comment on domestic matters” while abroad.

Mr Albanese is never good under pressure, even the slightest of pressure. He is fine with the set piece – reading out a slogan – but he’s not great when being held to account.

Labor MPs watched on in horror as Mr Albanese slipped and slided, then snarled and chided reporters for the impudence of asking about yet another broken Albo promise.

He made things worse by his choice of words, the very same he used on stage 3 tax cuts when he decided to deny for weeks any prospect of change only to then flip and shred his word to win a by-election in Dunkley.

Albanese is supposed to be the leader, but he looked lost and confused. His afternoon weirdness of “I’m not the Treasurer, ask him, he’s on a plane” was an admission of his own impotence and that he had been so perfectly wedged by the timing of this leak.

Prime Minister Anthony Albanese had a bad week. Picture: Martin Ollman/NCA NewsWire

Mr Albanese just kept digging the next day, while in China, Chalmers looked for all the world like our leader. Lobster bans will be lifted, all while our resources companies got a huge bounce as China announced a new construction stimulus package.

And then came the clincher and the clearest sign this was all planned. Chalmers let Albo twist and turn in the breeze a full 48 hours before he confirmed that yes he had indeed requested the negative gearing review.

Chalmers revealed he had raised directly with his Chinese counterparts security issues and concerns about diplomatic tensions, even in the wake of recent hostile Chinese military actions and an ICBM test from China with a dummy warhead that could as easily have reached Sydney – as it did the sea beyond Samoa.

Albanese spent his China trip last year sucking up to President Xi Jinping and lapping up the manufactured “handsome boy” compliments.

Treasurer Chalmers looked like a leader on the world stage, while back in Australia, Mr Albanese just looked like a liar.

This isn’t the first time there has been so much tension between Mr Albanese and his Treasurer over tax policy.

At the height of the stage 3 tax cuts backflip it was well known in Canberra that the two weren’t on talking terms.

Political theatre ensued with Albo inviting Jim over for a date night at the Lodge, replete with media coverage. But the fact that this was a rare occasion just added to the problems.

Albanese is infamously never across the detail, while his Treasurer is never caught on the detail. The only time Mr Chalmers looks the least bit ruffled is when he is having to take the hits for his hapless leader.

What better time to have your old press gallery mate write up an exclusive about negative gearing changes so Mr Albanese would have to do it all himself because you’re on a plane. And it worked. Mr Albanese was a disaster as he melted before our eyes. He kept using the “not our policy, not my plan” language when previously he had been able to rule out the negative gearing change unequivocally.

Voters saw it, Labor MPs all saw it. The political hit job had gone off better than expected.

The motto of the week and the campaign slogan of those desperate for a change at the top of federal Labor? ”Albanese lies, Chalmers leads”.

Cameron Milner is director of GXO Strategies director and a former Queensland Labor state secretary

Originally published as Opinion: Negative gearing ‘hit’ cost PM, to the benefit of Treasurer