Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Thank you. I have already outlined one very significant benefit, predominately for low- to middle-income earners, given the level of deductions they have in respect of the tax system.

We have also fulfilled our election commitment to working families by delivering a third round of tax cuts from 1 July. This includes lifting the low-income tax offset to $1,500 to provide an effective tax-free threshold of $16,000 for Australians with incomes up to $30,000. This third round of personal tax cuts means a person on $50,000 will be $450 per year better off than last year.

The same taxpayer will now be paying $1,750 less in personal income tax than they were when this government came to office. And, of course, this is at a time of global financial and economic crisis, which saw our budget go into deficit as a consequence. We have still delivered on our election promises in respect of tax cuts. (Time expired)