The Treasury has accidentally released advice it gave to the Albanese government shortly after it was re-elected, claiming higher taxes were among the necessary changes needed to fix the budget. 

In an extraordinary blunder, the Treasury department mistakenly released the secret document while responding to a freedom of information request by the ABC.

It included briefing notes by the independent Treasury and offered to Labor, after its re-election, which stated ‘tax should be raised as part of broader tax reform’ in order for the federal budget to remain ‘sustainable’.

Treasury workers pleaded for journalists to destroy the document, labelled the ‘incoming government’ brief, but the ABC divulged its contents in a report on Monday. 

Specifically highlighted was the Treasury’s belief Labor’s pledge to build 1.2 million homes over five years in response to the housing crisis ‘will not be met’.

Other notes included a call for Treasurer Jim Chalmers to find ‘additional revenue and spending reductions’ and consider raising ‘indirect taxes’ and superannuation tax.

Despite suggesting taxes for everyday Aussies, the Treasury seemed to prefer lower taxes for companies.

The advice stated: ‘Improvements to the budget will need to come from economic growth, additional revenue and spending reductions.’

Secret advice offered by the independent Treasury to Labor Treasurer Jim Chalmers (pictured) has been leaked

Secret advice offered by the independent Treasury to Labor Treasurer Jim Chalmers (pictured) has been leaked

Chalmers appears to have taken the Treasury’s advice to heart with a roundtable scheduled in August set to discuss tax changes that would improve the government’s budget. 

Labor has also aired plans to double the earnings tax on super balances above $3million, jumping from 15 per cent to 30 per cent.

The Treasury pushed for Labor to ‘build on’ its proposed super tax, which has not yet been legislated.

In another heading, the Treasury advised Labor to lower taxes on individual ‘to increase workforce participation and give workers a fair go’.

It suggested the same for company incomes in order to ‘modernise’ the existing taxes to boost investment.

More to come… 

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