Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for Bass for his question. I thank him for the endorsement of the budget, and for his vote in passing the budget; I appreciate that very much.

From 1 July, every Australian taxpayer will receive an income tax cut, and that is because of this year’s budget, which lifts the low income tax offset and which increases the threshold for the 15 per cent rate, taking it up to $30,000. As we continue the countdown to ‘fundamental injustice day’, which is the day before 1 July, we can remember on ‘fundamental injustice day’ itself that every Australian will be receiving another income tax cut on 1 July.

I am asked whether I am aware of any alternative tax policies. The answer is this: it depends what day of the week it is, because on some days of the week there are alternative tax policies and there are not on other days of the week. For example, back in February 2006, the member for Lilley said this:

Labor recognises the need for root and branch tax reform ...

It was going to be ‘root and branch’ back in February 2006. At the National Press Club on 16 May, the member for Lilley said this:

I’m not anticipating taking forward any significant change to the personal-income tax system at this stage.

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