The Keating lesson Chalmers remembers
The Hawke-Keating era is remembered for consensus, but its most contentious reforms drew the kind of backlash facing the Albanese government today.
Treasurer Jim Chalmers has often cited his hero, Paul Keating, as the model for building consensus between business and unions. There is a pervasive — and broadly accurate — view that the Hawke-Keating era kept both sides working in relative harmony.
But as Chalmers moves to pass his contentious fifth budget, he is keeping another fact about that era in mind. Many of Keating’s reforms, including the introduction of capital gains tax (CGT), sparked heavy pushback from business at the time.
On Thursday, Chalmers introduced the government’s sweeping capital gains tax and negative gearing overhaul bill to parliament. For now, it remains unaltered.
Changes may be needed to pass it through the Senate, where the sceptical Greens are firming as kingmakers given the Coalition’s opposition.
