Dumping the stage 3 tax cuts is a good start and I expect them to take that to the 2025 election. Negative gearing for owners of multiple properties must be looked at as well.
Personally I don't have a problem with the Stage 3 tax cuts, but they should have been accompanied with a massive overhaul of our tax system. I'm not sure many Australians realise how complicated the tax system is in this country and with complication comes costs.
For example, a fairly simple change to how tax is paid would save a significant amount of bureacracy. In the UK, tax is calculated and paid by employers on a cumulative basis through the year rather than calculating on an individual pay cycle. Ie. In July you are taxed on July, in August you are taxed on July and August less tax already paid. This cost is effectively outsourced by the governments to company payroll tax services and significantly reduces the number of tax returns that need to be submitted per year. In the UK in 2021-22 there were 32.2m taxpayers and they expect around 12m to require to submit a tax return so just over 30%, yet in Australia we are expecting 100% of tax payers. Thats money going out of peoples pockets to accountancy firms, and also high levels of bureacracy within government for reviews.
The UK get around this by a proper PAYG system as stated above and providing tax free allowances for investments upto a certain amount (I think the first 10k GBP of earnings is untaxed). This targets those with single jobs and a relatively low level of investments to then not be required to submit tax returns. It would then enable the government to actually target and properly review those that attempt to flaunt and get around the tax system.
Its interesting having lived in the UK and now Australia for significant portions of time, that I can assess the 2 against each other. Australia stacks up very well in most cases (better healthcare, education, quality of life etc) but with a very confused and onerous tax system. Get rid of all of the deductions and use that change to lower the tax rates, get more money back into peoples pockets on a monthly basis, rather than having to wait until the end of the year, submit your tax return and wait for your return payment. Its a horrible system and outdated and the Stage 3 tax cuts were the first attempt to start to simplify the tax system (albeit they were very minor in terms of simplification) but there is much that can be done, that will enable tax rates to be cut, if you remove the red tape and the stupid outdated rules around tax.