Bill Kelty's tax reform comments highlight Labor's limited ambition

Bill Kelty told a Greens parliamentary inquiry he supports scaling back the 50% capital gains tax discount but said any change must be part of broader reform to ease burdens on younger Australians; his remarks criticised the government's piecemeal approach and raised questions about whether Treasurer Jim Chalmers will pursue wider change.

Bill Kelty, a veteran union leader and former Reserve Bank board member, addressed the Greens' parliamentary inquiry into capital gains tax and urged stronger action to help younger Australians. He said he supports scaling back the 50% capital gains tax discount for investors but insisted such a move must sit within wider tax-system reforms. Kelty criticised what he described as a piecemeal approach by the government and argued changes should meaningfully ease pressures on younger workers. The remarks have drawn attention to whether Treasurer Jim Chalmers will adopt more ambitious measures ahead of the budget. Key points: - Kelty told the inquiry he supports reducing the 50% capital gains tax discount for investors. - He said ad hoc changes are not meaningful and called for broader tax reform to lift burdens on young people. - Kelty recommended measures such as indexing income tax thresholds to inflation and lowering the top marginal rate. - He warned that young people's sense of grievance can push them toward political extremes. - The article notes Treasurer Jim Chalmers is reportedly considering changes to the CGT discount for the upcoming budget. Summary: Kelty's intervention highlighted concerns about fairness in the tax and housing systems and criticised the government's cautious, incremental approach. The Greens' parliamentary inquiry is underway, and the treasurer is reportedly considering changes in the lead-up to the budget. Undetermined at this time.