Gladys Liu (Chisholm, Liberal Party) Share this | Hansard source

Thank you, Mr Deputy Speaker Hogan, for the opportunity to speak about the great work done by the Prime Minister and his team when it comes to our economy. Australians know that a coalition government is the only government that can be trusted with our nation's economy.

The coalition government is supporting the hardworking Australians that are the backbone of our economy. The Prime Minister, the Treasurer and the rest of the team on this side of the House have worked hard to deliver tax relief to those Australians who are having a go. Our tax relief measures will support stronger consumption growth and stronger economic growth. This government has provided immediate tax relief to lower income and middle-income earners.

In the last financial year, these hardworking Australians received tax relief of up to $1,080, and, as of today, over 12.8 million Australians have lodged their tax return and received this relief. This tax relief gives hardworking Australians money in their pockets to pay their bills, invest in their future or save. In 2022-23, the government will increase the top threshold of the 19 per cent tax bracket from $37,000 to $45,000. We are also increasing the low-income tax offset from $445 to $700. This tax relief is possible for only one reason, and that is the coalition government knows how to manage the budget. We have discipline when it comes to fiscal management, unlike those on the other side. Our government's budget will provide an extra $158 billion in tax relief over the next 11 years simply because we do not waste money like Labor.

Prior to coming into this House, I was a small business owner, and I know the difficulties and the uncertainties that they face. Running a small business is tough and, quite frankly, something the member for Rankin knows nothing about. The coalition government has always been on the side of small and medium-sized businesses. We know that these businesses drive job creation in Australia, and that is why we will always back them. Businesses with an annual turnover of less than $50 million employ around 7.7 million workers, and they need our support. We are backing these businesses. We are lowering their taxes so that they can reinvest in their business and continue to grow. Our government has expanded access to the instant asset write-off, which will see an immediate impact to Australian businesses.

This side of the House knows Australia's recent productivity performance is better than that of any G7 country and higher than the OECD average. However, like all developed economies, Australia faces challenges when it comes to productivity growth. That is why this government has set a plan to help the economy continue to grow. We do have plans. This government will create more jobs and deliver lower taxes. We will continue to reform company tax, which will encourage more and more business investment into our economy.

There is a lot to celebrate when it comes to our economy. For example, Australia has completed its 28th consecutive year of economic growth. We did this despite ongoing trade tensions, a housing market downturn and of course the weather conditions that our rural sector continues to face. Australians made it very clear at the last election that they do not want Labor's economy-wrecking, high-tax agenda. I'm proud to be a part of a government that is always on the side of Australians.

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