Treasurer Jim Chalmers has conceded Labor’s sweeping reforms to the tax system could have a negative impact on businesses, amid fears the proposed concessions do not go far enough.

Treasurer Jim Chalmers is clocking it up as a major victory, but his tax package has received a mixed scorecard from the experts.

The treasurer’s attitude carries a distinct “let them eat cake” arrogance towards the difficult financial realities facing many ordinary taxpayers.