Anthony Albanese’s taxing dilemma: to tell or tease

Anthony Albanese sits at the lunch table before speaking at the National Press Club in Canberra on Tuesday. Picture: Getty Images

Anthony Albanese’s tax policy avoidance and ambiguity on federation reform and free rapid antigen tests is a political bet that the focus of Australians will remain firmly on Scott ­Morrison’s Covid-19 pandemic management.

Months out from the federal election and holding a commanding lead in the polls, Albanese is yet to decide whether to wait until election eve to explain how he intends to pay for his spending commitments or unveil Labor’s war chest ahead of the campaign.

After dumping Bill Shorten’s franking credits and negative gearing tax policies, Labor’s economic team led by Jim Chalmers is considering a suite of revenue-raising options headlined by a populist centrepiece targeting multinational companies.

Albanese has effectively deflected Coalition attacks on Labor’s economic credentials after scrapping Shorten’s unpopular policies and backing the government’s stage 3 tax cuts. Yet Labor strategists know any misstep will be ruthlessly weaponised by the government.

The Opposition Leader on Tuesday pointed to Labor’s climate change policy announcement, which was held back until Morrison adopted a net-zero emissions by 2050 target and after the COP26 summit, to explain that he will release his tax policies when they are ready.

Asked about his position on a Shorten-era policy slugging discretionary trusts, Albanese refused to rule it in or out.

Josh Frydenberg immediately responded by accusing Labor of devising their “new taxes in ­secret”.

Albanese’s small-target policy agenda is aimed at shedding Labor’s tag as the “big-spending, big-taxing” party and projecting fiscal responsibility in response to record debt amassed during the pandemic.

With public sentiment at record lows after a hellish summer for many Australians, Albanese on Tuesday continued to eviscerate the Prime Minister over his pandemic management.

He touched on federation reform and that Australians wanted “good government” in their lives.

Opposition leaders, especially when a third-term government is on the ropes so close to an election, often get away with sweeping statements and limited detail, but increasing confidence in Labor ranks must be tempered.

The pathway to majority government for both major parties is difficult. A hung parliament is the most likely scenario.

Support will fragment across the country and many Australians will park their protest votes with minor parties.

Albanese has benefited from a government that has struggled to keep its head above water but he can’t expect an easy ride to power.

To permanently shelve Shorten’s legacy, Albanese must release Labor’s tax policies sooner rather than later.