It's partly political. But there's also a timeliness to it. In order to try and take heat out of the economy (or stimulate it in other contexts), interest rates can adjust almost monthly. In contrast, even if the political will is there, it's very difficult to change taxation rules partway through a tax year. Realistically if a Government wanted to adjust the tax rules today, the earliest they would likely see an impact in market is July 2024. Not so useful for stifling demand in the interim.
Also, Australia does NOT have high taxation by international standards. OECD data below shows that Australia's tax levels are now, and have been for an extended period of time, substantially below the OECD average. OECD Data What is true is that we have a disproportionately high amount of tax taken through income tax and a disproportionately low amount of tax taken through consumption taxes (eg GST) in comparison to most OECD countries. But still much, much lower overall than most.
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