Luke Howarth (Petrie, Liberal Party, Shadow Minister for Defence Industry) | Link to this | Hansard source

I want to talk about the integrity of the Labor Party and broken promises. In May this year, it will be two years since the election when the Albanese government came to power. At the time, Prime Minister Albanese looked people in the eye and knowingly and repeatedly didn't tell them the truth. He gave them false information, because he promised Australians that they could trust him to keep his promise. 'My word is my bond,' is what he said. The Albanese government have promised more than a hundred times since the election that they would deliver issues like the stage 3 income tax cuts cost-of-living relief to families in full—not changed, in full. It's a pattern from Prime Minister Albanese. Stage 3 income tax cuts, electricity prices lowered by $275, no changes to super, lower mortgages, and the front page of the paper on election day—in Queensland, at least—said, 'Life would be easier under me.'

Life isn't easier under this Prime Minister and this government. Mortgages are not lower. They've actually increased 12 times. Electricity bills were not lowered by $275; they have also increased significantly. Superannuation has been changed, and stage 3 tax cuts are clearly being revised. The explanatory memorandum of the Treasury laws amendment bill that I spoke on this week says 'current law' and 'new law'. Current law: $45,000 to $200,000, 30 per cent tax; new law: $135,000 to $190,000, 37 per cent. That's a seven per cent increase. And incomes of $190, 000 are now taxed at 45 per cent. One of my constituents is about to cop a 15 per cent increase in bracket creep because of the Albanese Labor government breaking their election commitment.

It's not just me saying this. I'm getting emails from constituents. This is from Glenn Cullen in my electorate. This is what he said—

Honourable Member:

An honourable member interjecting—

Luke Howarth (Petrie, Liberal Party, Shadow Minister for Defence Industry) | Link to this | Hansard source

We actually have real constituents, if you want to interject. This is a constituent who lives in Newport. Look him up on Facebook; his name is Glenn Cullen. He says:

Prime Minister I am positive you don't deserve this title, as you are weak and not observant of the real world, my name is Glenn Cullen a resident of Newport QLD and a businessman that employs people. Your broken promises are becoming overwhelming, and I do not believe your party has any credibility or integrity, you are stealing from the Australian people. Your tax alternative policy will benefit you by 28 billion. The strikes at the wharf will keep coming and with Wong giving money of the Australian people to the UNRWA is a joke as they were shown to support terrorism and your Voice Referendum which was a total failure as you are surely aware. It's time to call an early election so we can get back on with Australia being not a weak woke country as we are becoming under your party.

The Prime Minister's broken promises mean that delivering the stage 3 tax cuts as they're legislated here in the law of the land today, on 14 February 2024, will not be possible. The coalition is committed to going to the next election with a tax reform package that is in keeping with stage 3 tax reforms. We remain committed to fighting bracket creep and enshrining aspiration, because strong leaders keep their promises. They don't say one thing to the Australian people and then do the complete opposite. When it comes to bracket creep, that is based on your income. In a nutshell, a lot of people in my electorate will be impacted. I've got 12,300 people who earn between $91,000 and $135,000 who will be impacted by bracket creep over the next five years, and these changes will be anywhere from seven to 15 per cent in bracket creep.

Ian from Redcliffe is a concreter. He earns $105,800 but, as he progresses over the next few years, he will face the threat of bracket creep and move into the 37 per cent bracket. Louise from Newport, who is a single mother and a psychologist, earns around $189,000. With Labor's new proposed tax brackets, Louise will lose $2,976 in comparison to what is currently legislated. She cannot work overtime or accept a bonus without jumping up into an even higher tax bracket of 45 per cent and having her income in the higher bracket taxed 15 per cent higher—another $1,500—by the Albanese Labor government. More residents fall into bracket creep. We will take a better package to the next election. Whilst we are voting for the changes that they're making for the low-income earners, from 19c to 16c, this government has clearly broken an election commitment.