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

The Leader of the Opposition has turned his back rather than listen to the answer, and I think it would be just as well if he did listen to the answer because I am asked what the tax rates and the tax thresholds are in Australia. As a result of this government’s reforms, the tax rates are 15 per cent, 30 per cent, 40 per cent and 45 per cent. Those tax rates apply from $6,000, $30,000, $75,000 and $150,000. So the proper tax rate of 45c applies to your first dollar of earnings over $150,000. That is a much improved tax scale on the one Labor left the country with.

On AM this morning the Leader of the Opposition was asked about his tax policy—this elusive tax policy which cannot be published and is not known. He said that the Australian public would be let into the secret of what Labor’s tax policy is. I think that the Australian public would like to be let into the secret on what Labor’s tax policy is. Since the Labor Party demands on a daily basis that an election be held, they might have the decency to actually release a policy so that people could know what it is.

If AM went badly for the Leader of the Opposition, he had one of those ‘I wish the ground would open up and just swallow me’ days when he went out to Eden-Monaro. After boasting about his tax plan, he was asked a very simple question at his doorstop interview today. He was asked this question: ‘The government’s tax plan, the tax policy in the budget: can you name for me the rates and the thresholds where those rates kick in?’ It was a pretty straightforward question: what are the tax rates and where do they kick in? The journalist said they were of this year, from 1 July.

The Leader of the Opposition will keep his back turned throughout this answer because he does not want to front up to his own ignorance on economic policy. This is the answer that the Leader of the Opposition gave when he was asked a very simply question to name the tax rates and the tax thresholds. He said:

Well, as of July 1, if you went through the four thresholds, I think the high threshold kicks in I think at $175,000 then I think it cascades down the spectrum.

He could not name a single rate, he could not name a single threshold, and the one threshold that he named of $175,000 does not exist.

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