Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Mr Speaker, on indulgence, in the second reading speech on the Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007 I said that taxpayers will not reach the highest marginal tax rate until they earn more than 3½ times average weekly earnings. That is from the income year 2008-09, not the income year 2007-08 as the printed speech said. I want to make that clear for the purposes of the second reading speech.