Jericho urges Albanese to target gas exports rather than estate duties

Greg Jericho has argued that the Labor government should prioritise a tax on gas exports over estate duties, dismissing recent claims of a "death tax" as a scare campaign driven by conservative media and political opponents. In an opinion piece published in The Guardian on 21 May 2026, Jericho contends that vested interests are spreading unfounded fears regarding the government’s recent budget reforms, particularly changes to capital gains tax and negative gearing.

Jericho refutes assertions that the budget will trigger a housing market collapse or significantly reduce state stamp duty revenues. He cites Australian Financial Review reporting on SQM Research data, which suggests a 30 per cent fall in house sales could cost the five largest states $9.2 billion in stamp duty in 2026-27. Jericho counters that this scenario would require an unrealistic 80 per cent drop in investor purchases of established houses, with no uptake by prospective homeowners.

The columnist also addresses allegations of a "death tax" linked to changes in testamentary trusts. He notes that the reforms are grandfathered, meaning existing beneficiaries are unaffected, and clarifies that no tax is paid on money placed into these trusts, distinguishing them from an estate tax. Jericho argues that the changes merely reduce tax breaks for a small number of wealthy beneficiaries rather than imposing a new levy on estates.

While acknowledging that estate duties were abolished in Australia in 1977, Jericho points out that the United Kingdom and United States maintain such taxes, raising approximately $6.5 billion and $3.5 billion respectively. He suggests that while an estate tax in Australia could raise between $3.5 billion and $10 billion, the political cost would be prohibitive for the Albanese government, especially given the intense opposition it would face.

Instead, Jericho advises Prime Minister Anthony Albanese to focus on a proposed $17 billion gas export tax, which he claims enjoys majority public support. He argues that targeting highly profitable gas companies would raise significant revenue without the political backlash associated with estate duties, allowing the government to fund better services while avoiding what he describes as a manufactured crisis over inheritance taxes.