Daniel Mulino (Fraser, Australian Labor Party) | Link to this | Hansard source

Happy 1 July to the residents of Fraser and, indeed, all Australian households. This 1 July is particularly important, as all taxpayers in Fraser will be receiving a significant tax cut. We understand that people are doing it tough. Our refined stage 3 tax cuts will ensure that taxpayers who need relief the most will get it, as opposed to the plan supported by those opposite, which would have seen benefits largely going to high-income earners. If you earn $45,000 you will receive an annual tax cut of over $800 from today; that's compared to absolutely nothing if the plan of those opposite had gone ahead. If you earn $70,000 you'll receive an annual tax cut of over $1,400, compared to just $625 according to the plan of those opposite. Eighty-seven per cent of taxpayers in Fraser will receive bigger tax cuts under this government than they would have under the opposition's plan.

In addition, from today every household will receive $300 in energy bill relief, with $325 for small businesses. We know that high global energy prices are still being felt right around the country. Also, on this important 1 July, wages for those on minimum and award wages will increase by 3.75 per cent—a responsible and much-needed increase. With the tax cuts, wage rises and other measures, this government will help households earn more and keep more of what they earn.

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

The Albanese Labor government is failing hardworking Australian families. As we enter the new financial year we hear lots of those opposite promising that life will be easier in the future.

Luke Howarth (Petrie, Liberal Party) | Link to this | Hansard source

That's what they promised two years ago!

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

Of course, that's the same promise they made two years ago, as I am reminded. But hardworking Australian families and small businesses know the truth. Australians can't afford this ongoing cost-of-living crisis. Labor's cost-of-living con job is hurting Australian families.

Australians are poorer since Labor came to power. Under Labor, prices have gone up by nearly 10 per cent. Australians are paying 20 per cent more personal income tax. Employee real wages have collapsed by nearly nine per cent. Living standards have collapsed by nearly eight per cent. Household savings have collapsed by nearly 10 percentage points, and homeowners with a typical mortgage of $750,000 are nearly $35,000 worse off under this government. Labor have had three failed budgets. This inflation is homegrown. This is Labor's inflation. This is 'Jimflation'.

Australians have had five consecutive quarters of negative GDP growth. It keeps going. We're the only G10 country that has seen inflation go up since December. This is an absolute indictment on this Labor government.