The next couple of years would simply involve handing out bigger tax cuts and other goodies.But even before this week's polls delivered a reality check for One Nation and a gut-punch for the Coalition, the prime minister and treasurer were suggesting otherwise.They made relatively modest concessions to the tax changes but insisted they weren't spooked A readiness to accelerate reform as an answer to the frustrations of voters fed up with the status quo.In last week's address to the Labor caucus, the prime minister cited one of his reforming predecessors, Paul Keating, who once told the NSW ALP Conference that "the Labor Party is a bit like a bicycle; if you stop pedalling, it falls over".Albanese, considered overly cautious in his first term, now wants to pedal faster.So does Jim Chalmers.He sees a powerful lesson in the demise of British Labour Prime Minister Sir Keir Starmer."I think there's something more fundamental happening here, which is that people understand, as we understand in our government, that the status quo is not working for people, particularly in the economy, but in our societies more broadly," the treasurer told Insiders.Rather than exploit the frustration, Chalmers says Labor must address it, even if that involves political risk."These legitimate concerns that people have, they're not made up, they're not pretend."So, what further risks is Labor willing to take?There's no shortage of ideas being put forward