Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

Bringing forward income tax relief for hardworking families, focusing on low- and middle-income earners across Australia puts more money into their pockets, boosts their take-home pay, but it also helps to stimulate the economy because, of course, it will lead to a strengthening of aggregate demand in the economy, it will help ensure that businesses across Australia are able to benefit from a strengthening in demand. The budget also delivers, of course, significant other tax cuts. These tax cuts which we are proposing now, about $17.8 billion worth, build on the $8.1 billion worth of tax relief which is being delivered for the 2020-21 income year under our previously legislated personal income tax plan. In 2020-21 low- and middle-income earners will receive tax relief of up to $2,745 for singles and up to— (Time expired)