Ann Sudmalis (Gilmore, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on the impact of the government's legislated personal income tax cuts for all Australians, including in my electorate of Gilmore? Is the Treasurer aware of any other suggestions?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The government is on the side of those Australians who believe they should keep more of what they've earned. That's who we're on the side of, because that's what we believe. We believe that Australians should keep more of what they have earned. We do not believe that our tax relief package legislated through the parliament, more than $140 billion of tax relief, is a giveaway, as the Labor Party does, because we know it's Australians' money in the first place, and we believe Australians who work hard running businesses or out there as wage earners should be able to keep more of what they have earned. It's not a giveaway. It's not your money to give away, Labor Party. It's their money that they should be able to keep, and that's what this side of the House believes.

We believe in a fair go, but we also believe in a fair go for those who have a go. Those who are out there working hard, earning wages, deserve the fair go of being able to keep more of what they have earned. That's why, opposed by the Labor Party, we legislated personal income tax relief for all working Australians paying tax—not just some but all working Australians paying tax. The Labor Party voted against it, and they want to take the $140 billion legislated tax relief plan if they are elected, cut it in half—cut it clear in half—and take back the relief that those hardworking Australians deserve and that this House and the other place have legislated to deliver to those Australians. If you're voting Labor, you're voting for higher taxes. It's that simple. They want to take away the tax relief that this government has provided to 10 million taxpayers who are getting that immediate relief, including 50,000 in the member for Gilmore's electorate—that urgent straight-up relief.

Then we're dealing with bracket creep. We're making sure—particularly for younger people who look out over the next 10 years and see those tax brackets changing—that, as they earn more, they won't be taxed more. The end part of the plan is the strongest, in that 94 per cent of Australians will not pay a marginal income tax rate greater than 32½c. That's the biggest tax relief that the Australian people have seen for a long time, and it's being delivered by a government who believes in lower taxes because we believe in a fair go for those who have a go. We believe that it's their money and they should get to keep more of what they have earned.

The Governor of the Reserve Bank says it's good for the economy. Phil Lowe, the governor, said just this past week that household disposable income growth will be supported by the reduction in personal taxes—so a stronger economy to support the services that Australia relies on and lower taxes to back in the hardworking effort of working Australians.