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Paul Keating has come out in defence of the federal government's tax reform in a scathing statement, which has been dismissed by the opposition as "nonsense".

The former prime minister – who introduced mandatory superannuation, and as treasurer oversaw the introduction of the capital gains tax – said the proposed changes to the capital gains tax, negative gearing and discretionary trusts are structurally sound.

"When Jim Chalmers announces a policy principle to restore the equity of taxing capital profits on a basis of equality with the taxation of income – we hear the howls for continuing preference," he said.

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"The simple fact is that income is taxed too heavily while capital is taxed too lightly."

Opposition Leader Angus Taylor said the remarks were merely "more nonsense from Paul Keating".

"Of course, Paul Keating supports it but frankly I'm not going to be lectured to by someone who thinks putting Australian values at the centre of our immigration policy is racist," he told reporters this morning.

Nationals Senator Bridget McKenzie told Today "you know something's wrong when you have to wheel out Paul Keating to stick up for your budget".

Keating's support comes as the government faces an onslaught more than a week after handing down the federal budget.

Prime Minister Anthony Albanese and Treasurer Jim Chalmers have been fielding criticisms of the changes during their nationwide campaign to spruik the budget.

Forty businesses signed an open letter saying the capital gains changes were an "aspiration ambush", while some concerns were raised from within their own party.

Chalmers told reporters yesterday there has been "misinformation" about the budget.

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"The four existing concessions and carve-outs for small business in the CGT system will remain, and people like our political opponents who want to make up things about our changes don't acknowledge that, but they should," he said. 

The treasurer has also been reiterating that there is a one-year grace period before the CGT changes come into effect, consultation with the start-up sector and support for businesses who want to restructure their discretionary trust to a fixed trust.

The last time the capital gains tax was altered was when the Howard government introduced the 50 per cent discount.

Keating, in his statement, said Howard and his treasurer, Peter Costello, made a significant mistake by introducing the discount.

"Housing prices took off dramatically from the moment Howard and Costello introduced the 50 per cent discount in 1999," he said.

"Yet wealthy people are out there now arguing against the government's change notwithstanding the stark evidence of the price shock Howard and Costello induced."

Keating concluded his statement by saying the current government is seeking to arrest the distortion that has made housing unaffordable for an entire generation. 

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A question from an Australian family to a financial expert has sparked debate about the federal government's generational trust tax reform.

The couple, aged in their 50s, wrote to the Sydney Morning Herald's money expert Noel Whittaker and explained that their small business annual income, operated through a family trust, is split into three $60,000 streams, totalling $180,000.

That money is then funnelled to the husband, wife and teenage daughter.

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"How are we likely to be affected by the proposal to levy a flat tax of 30 per cent on family trusts?" they asked.

The question posed to Whittaker was simple, but his answer may come as unwelcome news.

"You are likely to be hit hard," he explained, adding that the couple likely currently pay just $27,000 in total tax on the distributed incomes.

Once Labor's tax laws come into effect in 2028, this tax will increase by 100 per cent.

"Under the proposed arrangements, the trust would cop a flat tax of 30 per cent, which would be $54,000, so your tax would effectively double," Whittaker added.

"There is no need for urgent action, as these changes are still two years away, but you will certainly need to discuss with your accountant the optimal structure."

There could be a small loophole that would allow the couple and their daughter to pay slightly less tax, but it involves slashing the incomes paid to $45,000 per year.

Whittaker said the remaining balance could be paid again as a trust distribution or a superannuation, where it would be taxed by just 15 per cent.

"If you pay your daughter a wage, you will need to show that she genuinely earned it, with hours worked at market rates," he added.

Commenters on Whittaker's column claimed this real-world example is "exactly" why the trust tax law reform was the right move.

"Thank you first letter writer for illustrating exactly why the trust tax law needs overhauling. Fair go for all," one said.

"Noel's first example is the exact reason our government has decided to do the right thing and tax trusts," another added.

"It's actually a funny name for something when you consider that none of us could trust what on earth goes on in them."

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Explaining the 30 per cent trust tax

Sweeping tax reforms to trusts were announced in the 2026 Federal Budget.

Discretionary trusts allow people – most often people and families with great wealth – to minimise their tax expenses by distributing income among their trustees.

Currently, income from discretionary trusts are taxed at the beneficiary's marginal rate.

The Albanese government will slap a 30 percent minimum tax rate on these trusts from July 1, 2028, to "improve the fairness of the tax system and help fund new tax cuts for workers".

The budget papers noted that around there were around one million trusts in Australia in the 2022-2023 tax year.

Families with discretionary trusts faced an average tax rate about 4 per cent lower compared to families on similar income, but who were without trusts.

The government claimed more than 90 per cent of private trust wealth belonged to the wealthiest 10 per cent of Australian households.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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The two leaders shared a 'long and difficult' phone call that insiders say left the Israeli leader fuming.

The current weather conditions are brewing up a perfect storm for not one but two species of shark in the water off Sydney's beaches.

Shark expert Dr Chris Pepin-Neff told Today that the combined factors of recent rain and sea temperatures mean both bull sharks and great whites are being lured closer to shore.

Pepin-Neff said sea surface temperatures of 20 degrees and above were ideal for bull sharks, while 20 degrees and below was perfect for great whites.

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And right now, "we're right in the middle".

"It's the end of May, we're right at that seasonal point," he said.

Added to that, recent heavy rain had stirred up brackish water closer to the shore, which also made ideal hunting conditions for bull sharks.

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And great whites were being drawn in closer by the cooling temperatures.

"I want surfers to be aware if you're in the Northern Beaches, if you're doing surfing right now, white sharks are in closer," Pepin-Neff said.

He urged surfers to stick together in groups in the water for safety's sake.

Other swimmers were told to stay out of brackish water, and if they were swimming at an ocean beach, to stay between the flags.

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Pepin-Neff said the noise generated in the water by a group of people could intimidate sharks and keep them at a distance, so there's safety in concentrated numbers.

Sydney recently saw a spate of attacks believed to have been carried out by bull sharks, in January this year.

Among the victims was 12-year-old Nico Antic, who was fatally mauled and died in hospital.

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It might not seem like it right now, but Australia ranks among the richest countries in the world.

Financially speaking, Australians live in a "lucky country". Our nation is home to the 12th-largest economy, which is thriving partly because we are a global resource powerhouse.

So why does it sometimes feel like we don't have much money?

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According to AMP's deputy chief economist Diana Mousina, crushing household debt is to blame.

Australians have some of the highest levels of personal debt in the world, mostly due to soaring house prices and inflated mortgages.

The average household debt is around 210 per cent of disposable income.

This is much higher than comparative economies such as the US, New Zealand, Canada and Japan.

The only countries with higher debts are Norway and Switzerland.

Mousina said this is because of our enormous mortgage market.

Rising loan repayments are squeezing Australians at a time when everything else is getting more expensive too.

"Australians have a strong preference for home ownership, both for living and investment," Mousina said.

"High debt levels do increase vulnerability.

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"Households are more exposed to rising interest rates, which lift repayment costs, and to economic downturns, where job losses can make servicing debt more difficult."

On the bright side, our penchant for owning large, appreciating assets will only be a boon in the long run.

Stockpiles of wealth like land and property "provides a buffer" for the debt hanging over families, Mousina explained.

"On this measure, Australia looks strong, with household wealth at around 513 per cent of income," she added.

And despite the alarming statistics, Mousina said Australian household debt has actually slowed in the past few years.

While the consecutive rate rises and threats of a looming recession have been a blow to consumer confidence, the economist has a sunny outlook for how we can weather any future economic pain.

The biggest problem might actually be our warped perception.

"Have Australians become so used to the 'good times' that we don't even remember what hard economic periods are like?" Mousina asked.

"The reality is that Australia remains a high-quality economy, with strong institutions, a stable financial system and relatively moderate policy settings.

"Perhaps the issue isn't just the economy itself – but how we perceive it."

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How does Australia rate on the global happiness scale?

We might have a lot of personal debt, but Australians are much happier than many of our neighbours.

According to the World Happiness Report, Australia is the 15th happiest country in the world – sitting ahead of countries including US, Germany, France, Singapore, Italy and Canada.

The report ranks nations based on their GDP, freedom, welfare systems, job security and perceptions of corruption.

Given Australia's healthy happiness scorecard, Mousina said it is "somewhat surprising" that the economic sentiment is so negative.

"Based on these measures of living standards, Australia generally comes out relatively well – a country with strong fundamentals and solid long-term prospects."

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