Treasurer Rules Out Further Super Tax Changes Amid Treasury Document Leak

Treasurer Jim Chalmers has moved to contain the fallout from a leaked Treasury briefing that warned Labor’s flagship housing target was unlikely to be met, while advising the government to find ways to increase tax revenue and cut spending.

The internal document—part of Treasury’s “incoming government brief” prepared shortly after Labor won office in 2025—was mistakenly released to the Australian Broadcasting Corporation under Freedom of Information laws.

The report included internal headings, which revealed federal Labor’s goal of constructing 1.2 million homes by 2029 was unlikely to be met, further, it called for “additional revenue and spending reductions” to keep the budget sustainable.

These briefs are typically frank assessments by the public service to guide an incoming or returning government.

“Treasury officials sent those documents in error. That sort of thing happens from time to time. I’m pretty relaxed about it, to be honest,” Chalmers told reporters on July 14.

“No government typically goes into the detail of that advice,” he added. 

Labor Stands By Housing Ambition

The treasurer acknowledged the scale of the housing challenge but defended the government’s commitment to its target.

“We have already made it really clear that we will need to do more to meet our housing targets,” he said.

While conceding the government is “not on track,” Chalmers maintained that with extra effort it was achievable.

“Under current trajectories, we would fall short, but that doesn’t mean that … we can’t work … to build more homes,” he said.

Chalmers Rules Out Further Super Tax Changes

Chalmers also attempted to hose down speculation of new superannuation levies beyond Labor’s existing plan to up taxes on savings over $3 million.

“We have not been considering further changes beyond what we’ve already proposed,” he said.

“The priorities which are being reported today are … the sorts of things that I have mentioned before,” he said, implying Treasury’s advice was consistent with his public remarks about the need to continue budget repair.

The treasurer also defended Treasury’s scenario modelling, which included assessments of extreme global risks such as the collapse of the U.S. dollar.

“I welcome and I encourage the Treasury to think about best- and worst-case scenarios … It gives you a better chance to work through them if they eventuate,” he said.

Opposition Accuses Labor of Lacking Fiscal Control

The opposition seized on the leak, accusing the government of keeping Australians in the dark.

“Treasury is telling Labor what the Coalition has been saying all along—they have a spending problem, they lack fiscal discipline, and they are preparing to slug Australians with higher taxes,” said Shadow Treasurer Ted O’Brien said,.

“Since coming to office, Labor’s decisions have raised the deficit by 0.7 percent of GDP. That could have closed the gap between Labor’s weak defence target of 2.3 percent and the Coalition’s strong target of 3 percent.”