The man who would be Australia's treasurer under a future Labor government is looking at the bright side of scare-mongering over his party's proposed tax reforms.
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Chris Bowen expects both the opposition and Prime Minister Scott Morrison's team will be focused on Labor policies as the federal election approaches.
But he believes the coalition's efforts to elicit fear over Labor's proposed changes to tax breaks such as negative gearing will only make the reforms more justified if Bill Shorten wins the upcoming federal election.
"Despite the fact that I think it is bad for the country that we have a government without an agenda and obsessed with ours, I relish the debate," Mr Bowen will tell the National Press Club in Canberra on Wednesday.
"Because the case for our policies is strong, and I welcome the opportunity to put it.
"Every time the treasurer tries to stoke fears about our policies he increases the moral authority of the mandate we seek, if we receive it."
Labor has vowed to keep negative gearing only for newly-built homes from January 1, with the policy grand-fathered so that people already using the tax break are unaffected.
It is also planning changes to capital gains tax, would ditch cash refunds for Australian shareholders with "excess" franking credits and wants to reform family trusts.
Treasurer Josh Frydenberg has been keen to highlight analysis suggesting Labor's negative gearing changes might increase rents, make house prices fall more steeply or slow housing construction.
But Mr Bowen says it will help young Australians buy their first home, without competing with people receiving government support to buy their sixth.
He says Labor's plans will help the party deliver the bigger budget surpluses that Australia needs amid uncertainty in the international economy.
"At the election we'll present a fiscal plan with bigger budget surpluses and one that pays down more debt," he'll say.
Mr Morrison and Mr Frydenberg have repeatedly warned that Labor would hold the economy back by slugging it with an extra $200 billion worth of taxes.
But the shadow treasurer says analysis released by KPMG last week shows a Labor government's tax-to-GDP ratio would be a little over 24 per cent.
That rate was reached five times during the Howard government, Mr Bowen will stress.
"We'd have a lower tax take as a proportion of the economy than under the Howard years."
The prime minister is expected within days to announce the date of the election, most likely to be held on May 18.
Australian Associated Press
