One Nation commits to scrapping all but one of Labor’s tax changes

One Nation has officially committed to scrapping all but one of Labor’s tax changes from May, joining the Coalition in its pre-election promise to undo the “budget experiments”.

In a statement on Monday, Pauline Hanson said she would restore the generous 50 per cent capital gains tax discount and scrap the 30 per cent tax on trusts.

But, she said she would continue to grandfather negative gearing for anyone with more than two properties.

“Anthony Albanese has pulled the ladder up behind him on young people trying to break into the property market, protecting tax concessions for existing properties,” she said.

“This includes the prime minister’s own ocean view clifftop house in Copacabana, the hundreds of properties held by his own cabinet and the thousands of properties held by property tycoons.

“One Nation will end this disastrous experiment and reverse [Treasurer Jim] Chalmers’ destructive budget experiments.”

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The Coalition’s pledge goes a step further in axing all three of Labor’s tax changes completely.

Hanson said allowing unlimited taxpayer concessions for property tycoons was not working for Australians.

“The Liberal plan to back the broken model protecting property moguls makes no sense,” she said.

One Nation treasury spokesperson Barnaby Joyce previously flagged opposition to the tax changes but his boss’ announcement has inked it into an official policy the party will take with it into the next election.

Hanson also used her statement to criticise the federal government’s handling and backdown of recent policies.

“They botched the ATO credit card ban and lied about their involvement. They were forced to back down on their widow tax,” she said.

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Assistant Treasurer Daniel Mulino told the ABC on Sunday that Labor knew the Australian Tax Office was considering banning credit card payments in July ahead of when the decision was announced in September.

The announcement saw uproar within the business community, which uses credit card payments for cash flow purposes, causing the prime minister and treasurer to intervene and fork out funding to delay the changes until the end of the financial year.