Alicia Payne (Canberra, Australian Labor Party) Share this | Hansard source

It's with great pleasure that I rise today to talk about the fact that the Albanese Labor government will be delivering a tax cut to every Australian taxpayer from 1 July this year. This is truly great news for all Australians. The original stage 3 tax cuts under Scott Morrison were legislated five years ago, before Australians experienced a global pandemic, catastrophic bushfires and a global inflation spike with higher interest rates and witnessed wars and global conflicts. The economy is not the same as it was when the stage 3 tax cuts were first legislated. As the great economist John Maynard Keynes said: 'When the facts change, I change my mind. What do you do?' It is not for governments to not act when circumstances change, and what we have done here is to listen to communities, including mine, who wanted to see a fairer plan for tax relief and tax cuts that will help more taxpayers with the cost of living through a bigger tax cut. That is exactly what we are delivering with this tax plan under the Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024.

Taxpayers earning below $146,486 will get a bigger tax cut. Those earning above this level will still receive a tax cut. And we are delivering fair and responsible tax cuts for all 13.6 million taxpayers; 11½ million people will get a bigger tax cut than they would have under Scott Morrison's plan, and that is 84 per cent—

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