Jerome Laxale (Bennelong, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Albanese Labor government delivering tax relief for Australian workers? And how does that compare to other approaches?

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

As a key member of the economics committees of this House and our caucus, the member for Bennelong knows that responsible economic management is a defining feature of this Labor government—creating jobs, getting real wages growing again and rolling out cost-of-living relief. Tax cuts are a really important part of that, because they recognise that when Australians earn more they should keep more of what they earn as well. That's why we cut taxes last year. It's why we're cutting taxes next year and why we're cutting taxes the year after that. Every taxpayer is getting three tax cuts because of this Labor government. That means we are returning bracket creep. We're getting average tax rates down. And it means a fairer tax system for workers and especially young people. It means about 50 bucks a week back in the pocket of the average worker.

When the shadow Treasurer gives speeches about bracket creep he really ought to mention that those opposite voted against these income tax cuts. The Leader of the Opposition said she'd absolutely roll them back. They took a policy to the last election to raise income taxes on all 14 million tax-paying workers. That means that if they'd won the election and if they'd had their way, 14 million Australians would be paying more tax. Bracket creep would be worse. Average tax rates would be higher. Tax to GDP would be higher as well. But they still had bigger deficits and more debt. That's why it's so extraordinarily dishonest and hypocritical that the shadow Treasurer didn't mention any of these facts at the Press Club yesterday. No wonder nobody takes him or them seriously on the economy. They haven't changed a bit and they haven't learned a thing from the election.

I wanted to tell the House about something the housing spokesman from that side said yesterday. Get a load of this! In the Canberra Times yesterday I read: 'The Liberal housing spokesman said his party should focus on tax cuts for wealthier Australians. "We should be looking to cut the top rate," he said. "Frankly, lower income earners often don't pay a whole lot of tax in this country".' They would be paying more tax if those opposite had won the election. Doesn't that just say everything?

We are the party of lower income taxes, higher wages and less debt. They are the party of lower wages, higher taxes and bigger deficits. We are the party of responsible economic management, and they are a shambles. Whether it's our tax cuts and their approach to them, whether it's the historic reforms to the EPBC Act that the Prime Minister, Minister Watt and Minister Gallagher secured today, two things are really clear: we finish this year focused, united and delivering; they finish the year divided, divisive and in disarray.