Scott Morrison (Cook, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

As the member for Lindsay knows and the members of the government know, this budget, as the Treasurer said last night, is a budget for the times. The times are tough, with the uncertainty that we see all around the world, but despite that uncertainty the Australian economy has been coming back faster than we've seen right across the advanced world and all around the globe. Because of that, the budget is in a position that is more than a hundred billion dollars stronger, over the last 12 months. The hard work of Australians and the discipline of the government in the way we have managed the budget have enabled us to provide the urgent cost-of-living relief that Australians need to shield themselves from the increases in fuel prices, which put the price of everything else up. Last night, because of the work done by the Australian people and because of the disciplined financial management of the government, we could invest to give them that shield, to protect them from those price increases. We halved the excise—that's cutting taxes—on your petrol. Every time Australians go to the bowser over the next couple of weeks, as that flows into the economy, they will receive and feel that tax relief. They can keep more of what they've earned so they can invest it and deal with the cost-of-living pressures.

In addition to that we've put in place the payments of some $250 for those on the pension to help them through these difficult times as those cost pressures are on. And when working Australians earning less than $126,000 a year put in their tax return, from 1 July, they will get an extra $420. It's not our money they're getting; it's their money because it's a tax cut. On this side we understand that Australians should keep more of what they earn. That's what we've delivered in lower taxes, and that's why we're going to ensure that they can keep more of what they earn right here, right now, to deal with the very real cost-of-living pressures that they're facing. This is a targeted plan, this is a responsible plan and this is a temporary measure to deal with the real cost-of-living pressures that Australians are facing right now. As a result they can have confidence when they see that relief. They can know that it's been provided for, that they've worked hard to deliver it, because in the last 12 months the budget has improved by more than $100 billion.

That sets Australia up as we come out of this pandemic so that we can look to the future with confidence. We can invest in the regions, we can invest in infrastructure, we can invest in skills and manufacturing, we can guarantee the essential services that Australians rely on and we can invest in the security and defence of our nation because we know how to run a strong economy, because a strong economy means a stronger future.