Jim Chalmers called out over numbers used to justify higher CGT on shares: 'Just wrong'

May 22, 2026 - 06:35

Treasurer Jim Chalmers is facing fresh criticism over a key statistic he has repeatedly used to sell the government's plan to increase the capital gains tax on share sales. The number in question, which the Treasurer cites as a central reason for the policy, has been labelled "just wrong" by industry experts and political opponents.

Chalmers has argued that raising the CGT rate is necessary to fund housing and cost-of-living measures for younger Australians, claiming that a specific tax break overwhelmingly benefits the wealthy. However, when pressed on the exact figures, the Treasurer has failed to provide a clear explanation for how the number was calculated.

Critics say the statistic misrepresents the reality of share ownership in Australia, where many middle-income earners rely on capital gains for retirement savings. "The data he is using does not match the actual tax returns," one analyst noted. "It inflates the benefit to high-income earners while ignoring the broader base of investors."

The Coalition has seized on the confusion, accusing Chalmers of deliberately misleading the public to justify a tax hike that will hit ordinary Australians. Shadow Treasurer Angus Taylor called for the release of the Treasury modelling behind the claim, saying the government should not be "making up numbers" to support a broken promise.

With the Budget already under scrutiny for its impact on investors and retirees, the row over the CGT figure threatens to undermine the government's credibility on economic management. Chalmers has so far declined to clarify the source of the disputed statistic.