Senator the Hon Michaelia Cash
Shadow Attorney-General
Shadow Minister for Employment and Workplace Relations
Deputy Leader of the Opposition in the Senate
Senator for Western Australia
TRANSCRIPT
ADH TV with Chris Smith
25 September 2024
Topics: Negative gearing, interest rates, CFMEU, AFL Grand Final
E&OE
Chris Smith
Well, are we about to see the government hurt Australian property investors. Today, Anthony Albanese clearly left the door open on changing negative gearing tax benefits for people with investment properties following a report Treasury was working on this task. Now, the last time Labor messed with income derived from investment, well, they lost the unloseable election. Now tax reform, of course, is long overdue, but they meddle with this at their peril. I’m bringing in the Shadow Attorney General and Shadow Minister for Employment and Workplace Relations, WA Senator Michaelia Cash. Senator, welcome back to ADH TV.
Senator Cash
Great to be with you.
Chris Smith
The Herald reported today that the government is working on scaling back tax advantages for investors through negative gearing and capital gains concessions. The PM did not rule that out today, although he was given a prime opportunity. I can smell a pre-election deal here between Labor and the Greens. How do you read it?
Senator Cash
Oh, absolutely, the pre-election deal is done and dusted. There was only one answer to that question if you weren’t going to pursue the policy, Chris and the answer was no. That is not the answer that Mr. Albanese gave. As you and I know, this has been an obsession, this policy, for Jim Chalmers, I think, since he was actually working for Wayne Swan. So they are committed to getting rid of negative gearing. Don’t worry about that. But Chris, it was Murray Watt, who was recently at the Press Club who belled the cat in relation to anything Labor says. He was asked a question, I think it was by David Crowe, in terms of, will you release your IR policies prior to the next election? This is what Murray Watt said: political parties take items to an election, and then he said this, however, they deliver extra things after they’re elected. Australians need to be on notice. Murray Watt has made it clear you don’t know what you’re going to get from Anthony Albanese, and, God forbid, Anthony Albanese and the Australian Greens after the election. But Murray Watt has made it clear they will be delivering some extra things, and you can guarantee those extra things will be to the peril of Australians.
Chris Smith
But having said all of that, I can’t believe Anthony Albanese would be that stupid, because the old argument that people who have negative gearing arrangements were somehow part of rich class is wrong.
Senator Cash
The evidence shows it is actually just mum and dad Australians who have made an investment to tide them into their retirement. It’s their nest egg so they don’t need to ultimately rely on the government. But the mere fact that Anthony Albanese could not say no. Only says one thing to me, they’re drafting the policy and bang, if they get over the line, it’ll be one of the first items on their agenda. And if they’re in Coalitional power sharing arrangement with the Australian Greens, you can guarantee that policy is going through. But what an attack on aspiration in Australia?
Chris Smith
Very, very true. Very true. Now, inflation, we’re told today to its lowest rate in three years, artificially aided, I might add, by the government’s cost of living relief and cheaper petrol. So let’s keep that in mind. The reserve bank has held back cutting interest rates again this week. The US, of course, has just cut rates which shows to me, and you tell me whether I’m reading this wrong, that government spending through the early part of 2024 just been resuscitating inflation.
Senator Cash
Well, don’t take it from me. Take it directly from the mouth of the Reserve Bank Governor, the lady that the Labor Party appointed. She made it very, very clear in her statement yesterday. And Chris, so I’m not accused of misquoting her. I’m going to read it out to you. Headline, inflation is expected to fall further temporarily, as you noted, as a result of the cost of living relief, however, and this is the however that Australians need to be aware of. Our current forecasts do not see inflation returning sustainably to target until 2026. She has made it clear it is homegrown inflation which means the Reserve Bank recognizes that the Labor Party and Mr. Albanese are putting in place policies that are fuelling core inflation, and that’s the figure that the Reserve Bank look at, not headline figures. In this case, she’s made it clear not to quote her, but what she said was, it’s basically a fake figure. They jump around. It is the core inflation that the Reserve Bank take into account. And core inflation is stubbornly high, and her statement basically says as a result of the Albanese government’s policies. But you’ve got to love where Jim Chalmers and Anthony Albanese go. Let’s not listen to the independent Reserve Bank. Let’s instead attack her for bashing up the economy. Wow. And yet, at the same time they say she’s independent. You can’t have it, Chris, both ways. You can’t have it both ways.
Chris Smith
There are some really wild stories today about your favorite union, the CFMEU, making headlines in Queensland and Victoria. In Queensland, 10,400 days have been lost through the union sanctioned strike action and in Victoria news that the consortium building the North East Rail Link is being coerced into paying casuals $300,000 to work on the project. They continue to run amok, don’t they?
Senator Cash
And yet Anthony Albanese and the now Minister Murray Wall, well, they’d say, but everything’s okay. Well, guess what, Chris, everything’s not okay. They thought they could get away with a set and forget approach to putting the CFMEU into administration. Are you serious? They need to implement the Coalition policies of standing up the tough watchdog on the beat, the tough cop, basically the Australian Building and Construction Commission. But also, let’s hold registered organizations who have rogue officials to account? I’ve got two bills in the Australian Senate at the moment that would do just that. And guess what? The Labor Party have said they will not support either of them. And ultimately, who actually pays the price? It’s mum and dad Australians, because this strike action, the strike action that we’ve now seen literally shutting down the construction industry across Australia, the industrial action, there’s all dollar figure attached to that. And the dollar figure means the Australian taxpayer, they just pay more for their schools. They pay more for their houses, ultimately, their roads and their hospitals. And what does Mr. Albanese do? Absolutely nothing. As far as he’s concerned, everything’s okay. Well, guess what, Chris, it’s actually not.
Chris Smith
Now onto something that’s just as important on the weekend at the MCG the Grand Final. No Melbourne team. No West Coast Eagles. Swans versus Lions. So be very sensitive here but who are you tipping.
Senator Cash
Okay, I’m going to upset someone. I’m upsetting someone, regardless of my answer. But as a Western Australian, I am very sorry, I’m very sorry but I’m unapologetically going into bat for the like minded State. Go Queensland. Go the Brisbane Lions. So go Brisbane Lions, and that’s who I’ll be barracking for.
Chris Smith
All right you enjoy your grand final thank you very much.
Senator Cash
Great to be with you.
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