Jim Chalmers (Rankin, Australian Labor Party, Treasurer) | Hansard source

The member for Macquarie is a wonderful representative of workers and small businesses and families in her beautiful part of Australia. Today is a really important day, as the Prime Minister said a moment ago. We are delivering tax cuts. We're delivering help with the cost of living at the same time as we're delivering real change in the tax system to help first home buyers. Now, because today is 1 July, that means that there is another round of tax cuts delivered by this Albanese Labor government. All five of those tax cuts together mean about an extra $2,800 in the pockets of an average worker.

The minimum wage is going up. Award wages are going up. Paid parental leave is being extended. We're extending the small business instant asset write-off. We're paying super with wages so people get the superannuation they've worked so hard for and are entitled to, and we're extending relief when it comes to the fuel excise. All of that happens from today, and that's why today is a really important day, because, even as petrol and diesel prices have come down over the last couple of months, even though inflation came down again in the figures released last week and unemployment came down again last week as well, we know that people are still under pressure, and that's why there is more help on the way from today.

And we're providing that help at the same time as we manage the budget in a responsible way. On Friday, we learned that the deficit for the year just finished will be smaller than anticipated at budget time, and we know from the AOFM this week that our debt will be $200 billion less than the trajectory we inherited from those opposite.

If those opposite had their way, there'd be bigger deficits and more debt. If they had their way, there would be no tax cuts today and there would be no extra cost-of-living help. That's what makes the three right-wing parties indistinguishable from each other—not just their shared anti-worker agenda, not just their shared anti-housing agenda, but that they seek to capitalise on the very real pressures that people are under at the same time as they come in here and they vote to make things worse rather than better. We are taking action to address the legitimate concerns that people have. They cling to a broken status quo in the housing market, and we are changing it.

We are delivering real change to make it easier for first home buyers. We are delivering smaller deficits and less debt. We are delivering tax cuts and cost-of-living help. And today, because it's 1 July, means that more help is on the way.

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