John Alexander (Bennelong, Liberal Party) Share this | Link to this | Hansard source

It gives me great pleasure to stand up in this parliament the morning after our nation's Treasurer delivered a deeply considerate, responsible and fair budget. The Treasurer deserves great praise not just for crafting an appropriations document but for delivering an economic plan for Australia towards a strong, new economy with more jobs and growth. The budget will drive economic growth and national prosperity to ensure our nation successfully transitions from the mining investment boom to a stronger, more diversified economy. This includes tax cuts and incentives for local small businesses and relief for hardworking families that will encourage workforce participation and business investment to improve growth and create the jobs of the future.

This economic plan backs hardworking Australians and will drive jobs and growth across the country, with real benefits for individuals and businesses in my electorate of Bennelong. Part of this economic plan includes personal income tax relief, as middle-income Australians are bearing a growing tax burden. We will prevent average full-time wage earners from moving into a higher tax bracket, so that when they earn more they will not be taxed more. This means 3,400 average wage earners inBennelong will be prevented from facing the 37 per cent marginal tax rate this coming financial year. We will introduce a low-income superannuation tax offset from one July 2017. This will ensure that low-income earners are not paying more tax on their superannuation than they are on their take-home pay. This means that 18,570 individuals in Bennelong earning $37,000 per year or less will effectively pay no tax on the money they contribute to superannuation. This is worth repeating: this means that 18,570 individuals in Bennelong earning $37,000 or less will effectively pay no tax on the money they contribute to superannuation.

We will lower the tax burden on small businesses from July 1 this year. Small and medium businesses with annual turnover less than $10 million will have their company tax rate cut to 27.5 per cent. This will reduce the tax rate for around 7,412 companies in Bennelong. The government will also increase access to a range of small business tax concessions to 17,617 businesses in Bennelong. Small businesses are the engine room of the local economy in Bennelong and the backbone of our local community. This deeply considerate, responsible and fair budget will provide significant benefits to them. It will drive jobs and growth in our local community and give tax relief to residents across Bennelong. I congratulate the Treasurer, the Prime Minister and my coalition colleagues for delivering a budget for the future of our nation in the very best interests of my electorate of Bennelong.