EXCLUSIVE Speaking at Momentum Media’s Election 2025 breakfast event in Sydney, Taylor offered a sharply contrasting view to the current government’s approach, emphasising the importance of an assertive negotiating attitude when engaging with the global superpower.
In a direct critique of Labor’s foreign policy approach, Taylor suggested that both himself and US President Donald Trump share a mindset more rooted in business than politics.
This business-centric approach, he argued, is something the Labor government has failed to grasp in its negotiations with the Trump administration.
“At the end of the day, Trump is more businessman than politician, I am too, frankly,” the shadow treasurer said.
“We will take Trump on. I think this Trump administration is one where you assert yourself. If you assert yourself, and you’re strong, and you’re clear about what you expect and what is reasonable in working with a country with whom we have fought every war since Federation, then I think you’re far more likely to get your way.
“And that’s exactly what we’ll do, and it’s what we did when we were last in government by the way.”
Taylor’s comments come just hours after President Trump’s administration retreated on some of its recent tariff measures, although many countries – including Australia – still have the blanket 10 per cent tariff.
While China saw its tariff raised to an astronomical 125 per cent, Taylor was quick to underline the critical role that strong, assertive negotiation plays in securing favourable outcomes, something he believes Labor has yet to prove it can achieve.
During his address, Taylor took aim at the Labor government’s recent attempts to engage with the US, notably referencing Treasurer Jim Chalmers’ recent trip to the US.
“Jim Chalmers goes off to the US a couple of weeks ago, comes back with a photo. That’s all he came back with,” he said.
“The prospects that this ambassador, and this Prime Minister, are going to get easy access into the Trump administration – frankly, if you say what they have said about this administration in the past, then you’re not going to get access now.”
Taylor’s critique extended beyond Labor’s diplomatic engagement, highlighting key economic sectors at risk, including financial advice, which he argued will be vital to Australia’s economic resilience and future prosperity.
He stressed that the role of financial advisers is “absolutely central” to the Coalition’s economic blueprint, essential in guiding Australians through an increasingly volatile global environment.
“In tumultuous times, advice really counts. Insurance really counts. Access to credit really counts,” Taylor said. “Australians are underbanked, underadvised and underinsured, and that has to change.”
Positioning the industry as a key pillar of national policy, the shadow treasurer acknowledged the “collapse” in adviser numbers in recent years, a trend he said must be reversed if Australia is to maintain a resilient, well-prepared household sector.
“We will make a priority for the future Dutton government a target to rebuild the financial advice industry to 30,000 advisers,” Taylor said.
“This is crucially important. This won’t be just optics or words; this will be driven down into the way we want our regulator and regulation of this industry to work.”
Additionally, Taylor promised to introduce legislation to implement the Quality of Advice Review within the first 100 days of a Coalition government, and vowed to “fix the CSLR’s costs, making it fair and sustainable”, calling the existing fee structure “onerous”.
Taylor vows to beat inflation, announces new funds
Alongside these reforms, Taylor said the Coalition will prioritise fiscal repair by ensuring commodity windfalls are transparently accounted for and invested in a Future Generation Fund, rather than treated like a “slush fund” as he accused the Labor government of doing.
The Future Generation Fund was announced on Thursday, alongside the Regional Australia Future Fund – two new investment vehicles to be seeded with 80 per cent of annual commodity revenue windfalls.
Taylor also highlighted the Coalition’s broader economic measures are centred around managing inflation.
“We know how to beat inflation,” the shadow treasurer declared. “You know how we know, because it’s emerged over centuries time and time again, and we know what government needs to do to deal with it.
“Right off the top of the list is cut waste, slash red tape, back business to invest, get the productive side of the economy really moving, get the economy growing well on the supply side, get key sectors in the economy working. That’s what we did to break the inflation of the ’70s and ’80s, and that’s what we can do again.”
The shadow treasurer stressed that tackling inflation hinges on reigniting the productive side of the economy.
“We know we’ve got to boost growth and investment. And that’s why we’re establishing Investment Australia, which will streamline the investment agencies and departments in government. And most importantly, making it easier for Australians to invest,” he said, adding that the Coalition is “absolutely focused” on fixing two “very broken” markets in the economy – energy and housing.
Moreover, Taylor reiterated the Coalition’s intention to reduce the size of government, retaining only essential staff and cutting unnecessary spending.
To hear directly from Taylor, click here.
