Although he emphasized that his main focus remains on the policies Labor proposed in the last federal election – highlighting the “top-up” tax cut from this year’s budget – he suggested that further changes might be a possibility.

“We have an agenda for tax that is decreasing tax next year and the year after,” Albanese said.

“That is our focus, the policies that we are implementing now.

“But of course, governments must always look to what they’ll do in the future.

“The job of reform is never done.

“You need to be continually making policy.”

This marks a subtle shift in stance for the prime minister, who previously took a more reserved approach to discussing tax reform compared to Treasurer Jim Chalmers leading up to the summit.

The summit concluded with widespread agreement among participants – including politicians, economists, unions, and business groups – that action is needed to address the generational inequality embedded in Australia’s economy.

But exactly what the solution is remains a source of contention.

Both Albanese and Chalmers have shown reluctance towards economists’ suggestions to increase and expand the GST to align it with similar taxes in other countries. Furthermore, the prime minister has been skeptical about altering negative gearing and the capital gains discount for property investors.

“The primary contributor to this inequality is how retirement income is treated, as superannuation earnings and withdrawals go untaxed for those over 60,” stated Grattan Institute CEO Aruna Sathanapally at the roundtable last week.

“And so a retiree household, earning $100,000 per annum, can pay less than half of the tax of a working household with the identical income, purely on the basis of age.”

The government hasn’t ruled in or out changes to superannuation tax concessions, with Albanese and Chalmers saying any decision on reform will be a matter for the cabinet.

“I said before the summit that it was a roundtable taking place in the cabinet room, it wasn’t a meeting of the cabinet,” the prime minister said this morning.

“And it’s a good thing that there’s a promotion of ideas out there.

“In particular, I welcome the fact that people around that roundtable recognise that we have to deal with intergenerational equity issues.”