Treasurer Jim Chalmers has hinted that wealthier and older Australians could face higher taxes in the next Budget.
Chalmers was asked by Peter FitzSimons about what Australians should expect when he hands down his fifth budget on May 12.
'It is surely clear to all that my Boomer generation - through a cosmic quirk or fortuitous timing - is generally generationally wealthier than both our parents and our children,' he said.
'It seems obvious to me the correct government policy is to do things like increase our tax on our untaxed income from super to maybe reduce the taxes on the next generations to even things out a bit. Is that obvious to you?'
Chalmers touched on last year's controversial superannuation changes as a model for broader reform.
The reforms, which scaled back tax concessions on super balances above $3 million, drew fierce opposition from industry groups and the Coalition.
Chalmers used the reference to drop his biggest hint that the next Budget would benefit young Australians and those on a low income.
'They basically do as you describe, which is make the tax breaks at the top fairer so that we can fund some more super for people on lower incomes, particularly younger people,' he said.
Treasurer Jim Chalmers has hinted that wealthier and older Australians could face higher taxes in the next Budget
'And that is a bit of a hint at the sorts of options that we'll work through, not necessarily in super, but in some of these other areas.'
'We've been pretty upfront in saying there are intergenerational issues in our economy, in our society, and in our budget as well.'
'We've taken some steps on housing and tax and superannuation, but we're interested in seeing if we can do a bit more on that front.'
He said reforms across housing, tax and superannuation had begun to rebalance the system, but indicated the government sees scope to go further.
'We want Australians to be wealthy... But we also want to make sure the generations that come after us are able to do even better than we have been able to do.'
Without further reform, he warned, the tax system itself could become an obstacle to opportunity.
'Part of that challenge is making sure the tax system, and the economy more broadly, does not make that impossible,' he said.
With the federal budget looming, Chalmers' comments are being read in Canberra as a clear signal to those who benefit most from generous tax concessions.
The Coalition has already flagged its opposition to changes involving negative gearing and capital gains tax.
'If we want more of something, let's not tax it more,' Opposition Leader Angus Taylor has said previously.
Chalmers, however, continues to frame the debate around fairness and long-term sustainability.
Prime Minister Anthony Albanese has echoed that message, placing housing at the centre of Labor's economic vision in a recent National Press Club address.
'A home of your own sits at the heart of the oldest and most Australian aspiration of them all,' Albanese said on Thursday.
'It is about passing on greater opportunity to your children.'
He described secure access to housing as essential to social cohesion and economic strength.
'This is how we bring people with us, and it is where we want to go,' Albanese said.
'To an economy that is stronger and fairer, stronger because it is fairer.'
'Our economy is stronger because people have a share in our nation's success,' he said.
'A meaningful stake in our economy and a stake in their future.'
He said national unity depends on inclusion.
'A society is stronger when everyone knows they are part of it,' Albanese said.