Today I have released the 2024‑25 Tax Expenditures and Insights Statement.
This statement which is released annually offers a detailed picture of how features of our tax system affect individuals, businesses and other entities, as well as the pressures they place on the budget.
The Tax Expenditures and Insights Statement is a requirement under the Charter of Budget Honesty – it’s not a statement of policy intent.
It reflects policy decisions up to and including the 2024‑25 Mid‑Year Economic and Fiscal Outlook.
The Albanese Government’s primary focus continues to be the fight against inflation and helping people with the cost‑of‑living without ignoring the risks to growth.
The Government’s tax cuts for every taxpayer are taking some of the edge off cost‑of‑living pressures. The most recent National Accounts showed growth in real incomes due to the combination of moderating inflation, solid wages growth and the cost‑of‑living tax cuts.
The Government’s already substantial tax reform agenda also includes making super concessions fairer and more affordable, ensuring multinationals pay their fair share of tax here in Australia, encouraging investment in important areas like housing and clean energy, reforms to the Petroleum Resource Rent Tax that will see the offshore LNG industry pay more tax, sooner, and improving tax compliance.
We are making progress in the fight against inflation, easing cost‑of‑living pressure and repairing the budget, while keeping the reform wheels turning.