7am Is now the time for Albo to be bold?
Feb 6, 2026
Paul Bongiorno, press gallery veteran and political journalist, gives a sharp take on federal politics and economic policy. He dissects the fallout from rising interest rates and what that means for mortgage holders. He weighs budget pressures, prospects for capital gains tax reform, and how the Coalition’s fracture reshapes the contest. He also considers the space for Labor to steer centrist policy.
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Rate Rise Tests Government Credibility
- The recent rate rise is the biggest test of the Albanese government's economic credentials since election.
- It has forced the government onto the back foot and to reset policy assumptions quickly.
Show Wise Spending Before The Budget
- The government should demonstrate it spends wisely and protects living standards ahead of the budget.
- Use targeted spending or tax measures to show fiscal responsibility while easing cost-of-living pain.
CGT Cut Hits The Wealthy Most
- Cutting the capital gains tax discount would hit mainly the wealthiest and could raise substantial revenue.
- The political difficulty is real, but Labor's governing position and opponents' weakness make reform more manageable.