Last week we delivered tax relief for all Australian workers.
We are making taxes lower, simpler and fairer as part of our plan for a stronger economy.
The significance of this once-in-a-generation tax reform cannot be overstated.
From next year, Australian workers will get a tax refund of up to $530.
And then in the years ahead, this relief will increase so that Australians get to keep more of their own money. They will not be punished with higher tax rates when they get a new job, a promotion or a pay rise.
They’ll be rewarded for effort. Under our tax relief plan, 94 per cent of all Australians will face a marginal tax rate no higher than 32.5c in the dollar.
This comprehensive reform reflects our fundamental pledge to the people of Australia - we want you to pay less in tax, not more.
Labor just doesn’t get it, and they never will. They voted against our changes, and if they are ever elected they have already promised to put taxes back up.
In Wentworth, more than 66,000 taxpayers will benefit from our tax relief plan.
And as the new financial year rolls around, a host of other Government policies will kick in to make your life easier.
If you run a small business, you are already paying less in tax thanks to our small and medium business tax cuts.
From July 1, the tax rate comes down to 27.5% for businesses turning over $25-$50 million. And the extension of our $20 000 instant asset write-off will enable Wentworth businesses to purchase new equipment in order to invest and grow.
The other big change from next month is our reform to childcare. This will make the system more accessible and more affordable. And we will continue subsidising new medicines, including to protect pregnant women and children from meningococcal and whooping cough.
This is the dividend of a strong economy and responsible economic management.
In contrast, Bill Shorten and Labor voted against our tax relief plan. Labor wants to put up taxes on families, businesses, and self-funded retirees.
Labor’s vision of Australia is one based on grievance. Ours is based on aspiration, ambition and incentive.
I want you to know that the Government has a plan for a stronger economy with more jobs.
We are providing record funding to schools and hospitals. We are guaranteeing the essential services Australians rely on. And we are returning the Budget to surplus and reducing debt.
Our personal income tax relief demonstrates our commitment to you. We are here to back your effort and your aspiration.