Ahead of the government’s economic reform roundtable, the Australian Council of Trade Unions said it will be lobbying for adjustments to housing, wealth and fuel taxes.

The Australian Council of Trade Unions (ACTU) has flagged that it would lobby for new wealth taxes, caps to fuel tax credits and housing tax reform at the government’s upcoming economic reform roundtable.

Their pre-roundtable pitch included calls to restrict negative gearing and capital gains tax discounts to a single investment property, arguing they incentivised unproductive investments.

“Tax rules around investment properties means investments that could be made in making Australia more productive and growing our economy are locked up in housing,” ACTU secretary, Sally McManus, said.

“We cannot continue down the same path of giving investors tax support while owning your own home gets further out of reach for average workers and becomes nearly unimaginable for young people.”

The roundtable is set to explore solutions to Australia’s pressing economic challenges, including stagnant productivity growth, global economic uncertainty and a structural budget deficit.

The ACTU’s attendees include president Michele O’Neil, secretary Sally McManus, assistant secretary Liam O’Brien and assistant secretary Joseph Mitchell.

Alongside its calls for housing tax reform, the ACTU said that it would argue for the imposition of new wealth taxes in a bid to ensure high earners paid their “fair share” of tax.

This would include a 25 per cent minimum tax rate for individuals who earned over $1 million, as well as a 25 per cent minimum tax on family trusts, which the ACTU argued had become a tax minimisation scheme for wealthy Australians.

“Everyone should pay their fair share of tax. The average worker pays more than 25% in tax, it is only fair that the very rich and big business does as well,” McManus said.

The ACTU added that it would call for a 25 per cent export levy on liquified natural gas, which would serve as a replacement to the “broken” PRRT.

It also said it would support the Productivity Commission’s proposals to boost net zero investments as outlined in its interim report, ‘Investing in cheaper, cleaner energy and the net zero transformation.’

The PC report included a proposal to reduce tax credits flowing to large businesses through the fuel tax credit scheme, which provides businesses with tax concessions on the fuel used during business operations.

The ACTU called for a “sensible cap” on the scheme, to prevent large businesses from claiming more than $20 million in fuel tax credits annually.

“Ending the rorting of the Fuel Tax Credit Scheme is also critical and some of the proceeds should be diverted to support truck owners transitioning to electric trucks, renewable diesel or hydrogen-fuelled vehicles,” ACTU president Michele O’Neil said.

Outside of tax reform, the ACTU has said that it would argue for a union-led approach to AI regulation, a suggestion that has sparked clashes with other stakeholders, including the Australian Industry Group (Ai Group).

“The ACTU’s demand for a union-led regulatory regime on artificial intelligence should be given short shrift,” Ai Group chief executive Innes Willox said.

“The real risk is that this roundtable becomes a catalyst for a further wave of damaging, productivity-killing industrial relations changes at the direction of the union movement.”

The ACTU asserted that the productivity benefits of AI could be retained while supporting workers’ rights.

“We can realise the potential productivity benefits of AI while protecting the Australian fair go in the AI age,” ACTU assistant secretary Joseph Mitchell said.

“If an employer does not have an AI implementation agreement in place with their workers, that company should not be eligible for government funding, such as research and development incentives or government contracts.”