Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I am delighted to receive a question on tax from the shadow Treasurer, absolutely delighted, because like everyone on this side of the House I am proud of our record when it comes, in particular, to personal income tax—$47 billion worth of income tax cuts. Of course, the measure that I am most proud of and that is most important, particularly in terms of fairness to the low-paid workers, is the tripling of the tax-free threshold. Workers do not pay a dollar of tax until they earn $18,200. So a combination of those measures means that someone who was on $50,000 is paying $2,000 less in tax each and every year. I think that is a pretty good record.

What we understand is that it is very important for working families to get a fair go in the tax system. The only one advocating an increase in tax in this House is in fact the Leader of the Opposition. The Leader of the Opposition is going to increase the corporate rate of tax to fund his PPL scheme for millionaires. He is on the record saying that, yet he denied that this morning. But, even worse than that, those opposite have said very, very clearly that they intend to abolish the tripling of the tax-free threshold. What that means is a tax hike for over six million Australians.

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