Labor urged to speed up ‘dud policy’ review

The Labor Party is being asked why its post-election review of rejected policies is taking so long.

Opposition Leader Anthony Albanese. Picture: Kym Smith

Housing industry and self-funded retiree representatives are asking why Labor is taking so long to announce its position on the fate of its negative gearing, capital gains tax and franking credits policies.

The Australian revealed yesterday Anthony Albanese would not make any major decisions on the future of the policies until he receives the review of the ALP’s election campaign, due in October.

Property Council chief Ken Morrison said he understood Labor had to go through a review process, but said the policies had been rejected at not one but two elections.

“By any measure they are policies that weren’t going to achieve what they said they were going to achieve. But they also were not supported politically at two elections,” he said. “We would say again for Labor — yes, you have to go through a review, but these are policies which weren’t going to work and have proved to be not supported by the public … the wrong policies at the wrong time.

“The evidence is laid out before them. You’d think they could come to an answer quicker than that.”

Treasurer Josh Frydenberg said Labor’s approach to tax policy had been an “absolute shambles”.

“First, they took to the election $387 billion of higher taxes, then they ignored the will of the Australian people by opposing our $158 billion of tax cuts and now they are threatening to roll back the tax relief for low- and middle-income earners that is already legislated,” Mr Frydenberg said.

Wilson Asset Management chair Geoff Wilson said he would welcome removal of the franking credits policy from Labor’s agenda.

“It is flawed, inequitable and would move the goalposts on self-funded retirees and harm low-income earners,” he said. “Clearly, it was a major factor in the outcome of the last election. It is in the interest of the nation that the government is held to account by a strong and sensible opposition.”

The Australian reported yesterday that Ed Husic, Anne Aly, Warren Snowdon and Brian Mitchell were among Labor MPs who backed the lengthy review.