If you’re reading the paper as part of your morning ritual before heading to work or getting home from night shift, you’re one of millions of Australians who will receive a substantial tax cut in 2024.
Whether you’re a nurse, a truckie or a teacher, under Labor’s plan, you’ll get to keep more of what you earn.
From July 1, all 13.6 million taxpayers across the country will receive a tax cut under Labor’s better tax cuts plan outlined by the Prime Minister this week.
And 11.5 million people – or 84 per cent of all taxpayers – will receive a bigger tax cut compared to Scott Morrison’s proposal from 5 years ago and 2.9 million Australians who were going to miss out will now get some relief.
Much will be said about our decision to deliver a tax cut for every Australian worker in 2024 but at the end of the day, it all came down to one consideration: to find the best way to help ease the cost of living for the biggest number of people without breaking the budget or adding to inflationary pressures, and that’s what these tax cuts will do.
We recognise that people are under cost-of-living pressure and that’s what our plan is designed to help address.
Scott Morrison’s tax plan was legislated 5 years ago and was designed before the pandemic, before the global inflation spike, before interest rate rises and greater global uncertainty and it doesn’t do enough to help those who’ve been put under the most pressure by these changing circumstances.
We have found a fairer, more responsible way to ensure more people get more help.
We’ll deliver tax cuts for more Australians and bigger tax cuts for middle Australia, because we know these people have been hit hard by cost-of-living pressures.
For example, the average Australian wage earner on $73,000 per annum will receive a tax cut of $1,504 which is more than double what they would have received under the Coalition’s proposal from 5 years ago.
And a person earning $100,000 will receive a tax cut of $2,179 – an extra $804.
97 per cent of nurses will get a bigger tax cut.
98 per cent of teachers will get a bigger tax cut.
And 97 per cent of truck drivers will get a bigger tax cut.
Some of the biggest beneficiaries will be women - 5.8 million women or 90 per cent of women taxpayers will get a bigger tax cut and our tax cuts will provide an incentive for people to work more and earn more.
This is a big call, but it’s the right call. It’s all about helping middle Australia with the cost of living.
It’s putting people before politics.
It's about providing bigger tax cuts for more people to help them deal with the cost of living.
The Deputy Opposition Leader said this week that if the Coalition wins the next election it will unwind our tax cuts.
That means the Liberals and Nationals are going to the election with a policy to increase taxes on middle Australia in order to fund even bigger tax cuts for people on the highest incomes.
If Peter Dutton and the Coalition really cared about the cost of living, they’d back our plan to give bigger tax cuts to more Australians.
These new tax cuts are designed to provide cost-of-living relief to middle Australia, while making our tax system fairer.
Whether you earn forty grand, a hundred and forty grand or two hundred and forty grand, we think you deserve a tax cut, so that's what we're delivering on July 1.
With these fair and responsible changes, we're delivering more relief for more workers without adding to inflation and without burdening the budget.
To find out how much you’ll benefit from Labor’s better tax cuts, use the online calculator on the Treasury website today.