Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for Lindsay for her question. I can inform the House that she brings to this place experience in running her own small business and working in the not-for-profit sector. But, more importantly than that, she is committed to the values that underpin the coalition's policies: respect for the individual and the power of their enterprise; reward for effort; and encouraging aspiration—a term that mystified the member for Sydney. And the member for Lindsay understands that, as a result of the tax cuts that passed this parliament just a couple of weeks ago, 76,909 taxpayers in her electorate will get a tax cut, and more than 34,000 of those will get the full $1,080. Over 13,000 small businesses will also be able to access the extended instant asset write-off, which has been extended to $30,000 and for companies with a turnover of up to $50 million.

I can inform the House that, as of today, the ATO has confirmed that more than three million Australians have put in their tax return for the 2018-19 year, and over $3.6 billion of refunds have been provided to Australians—money that can be spent at Thor's Cafe in Penrith or Bubbles Florist in Werrington County, money that can be spent creating jobs across the economy. It's our tax cuts, where we've changed the rate. For those who earn between $45,000 and $200,000, the rate is being reduced from 32½c to 30c. We've changed the thresholds. For the 19c rate, we've changed the threshold from where it is today, at $37,000, to $45,000. And we're abolishing a whole tax bracket, the 37c-in-the-dollar tax bracket.

I am asked: are there any alternative approaches? Well, we saw the alternative approach at the recent election.

Mr Husic interjecting—

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