Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

Thank you. In addition to tax cuts for small business and tax cuts for 3½ million superannuation contributors, we will be making tax time a lot easier for 6½ million Australians. We will be introducing a standard tax deduction: $500 in the first year and a thousand dollars in the second year. Six and a half million Australians will be receiving a standard tax deduction of up to a thousand dollars. The Liberal Party do not support this important reform either. They oppose a thousand-dollar tax deduction for 6½ million individuals in our tax system. They oppose this important reform.

In addition to this we intend to deliver tax relief on up to a thousand dollars in savings for individual Australians. Tax cuts to small business, tax cuts to superannuation contributions, standard tax deductions and, of course, for a couple of million Australians interest-free savings. (Time expired)