EDITORIAL: PM must share his second-term plan with nation

With the soap opera that has been the status of the Liberal-National Coalition finally over, it’s time to return to regular programming.

Saturday marks four weeks since Australians voted overwhelmingly to return Anthony Albanese’s Labor Government to power, with an increased majority.

What have we learnt so far about the type of Prime Minister he intends to be in his second term?

There have been some promising signs, such as the approval this week by Labor’s Environment Minister Murray Watt of the application to extend the life of Woodside’s North West Shelf gas project to 2070.

That decision ends months of dithering by Mr Watt’s predecessor in the portfolio, Tanya Plibersek.

But with the election tied up and the danger of provoking the ire of climate zealots in inner city seats no longer a consideration, the right call was made.

It sends a strong message to Australians and to industry that this is a pragmatic Government that understands the need to ensure our nation’s ambitious renewable energy transition is backed up by reliable, affordable power.

But the question of what Mr Albanese will do with his mandate hangs.

He led an undeniably small target campaign at the election. It worked.

Now, he must fill in Australia on what it is he plans to do across the next three years — and likely beyond.

Still bruised from the disaster that was the Voice campaign, there appears little chance of him sticking his neck out for bold reform, despite his rhetoric that he will lead an ambitious Government.

Mr Albanese has said his first focus will be on wiping 20 per cent off the student loan debt of 3 million Australians, expected to be worth $16 billion.

That’s expected to be the first Bill introduced to Parliament when MPs return in late July.

Other priority areas outlined prior to the election include housing and the creation of a new Federal environmental regulator, an initiative which stalled in Labor’s first term.

The Government is facing its first controversy of its second term with opposition growing to its planned changes to superannuation taxation.

Under Treasurer Jim Chalmers’ legislation, which is expected to pass the Senate with support from the Greens when Parliament resumes, Australians with superannuation balances greater than $3 million will pay an extra 15 per cent tax on their account earnings.

Dr Chalmers calls it a “modest” change which will affect only a tiny fraction of the very richest Australians who can afford to bear the cost.

Opponents say that by taxing unrealised gains, it turns Australia’s taxation principles on their head.

It’s a damning indictment of the Coalition’s campaign that it was an argument they lacked the ability to prosecute.

As Australians’ focus returns to the Government, they will need to use the reprieve find a new zest under Sussan Ley.