Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I can tell you why we can say that our income tax plan is fair. Right now, the top 20 per cent of income earners in Australia pay 61 per cent of income tax revenue generated in Australia. You know what'll happen if we legislate our full seven-year long-term plan in full—if we legislate our full long-term plan for income tax relief for all working Australians? You know what'll happen? The top 20 per cent of income earners in Australia will still pay 61 per cent of all income tax revenue generated. You know what will happen if we don't legislate our plan for income tax relief for hardworking families? Families will go backwards. The Australian Labor Party want Australian families to be poorer. The Australian Labor Party want Australian working families to be poorer. You know that bracket creep is a drag on economic growth. You know that slower economic growth means less opportunity in particular for low-income earners. You know that low-income earners are most exposed to the risk of lower economic growth, yet you are standing in the way of a plan for stronger growth and more jobs, and you should stand condemned for it. (Time expired)