Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The government has released detailed modelling and detailed costings which show that the average impact on the cost of living will be about 0.7 per cent of the CPI—that is, between three and four times smaller than the GST impact was on the CPI. This equates to about $9.90 a week on average and, on average, households will receive $10.10 per week in assistance. The government is putting forward a very comprehensive tax package that increases the tax-free threshold, as well as increases to the age pension and the family tax benefit in order to recognise the cost-of-living impact of 0.7 per cent—as I say, far smaller than the cost-of-living impact from the GST. I again remind the senator, if he cares about cost-of-living impact, why is he supporting a policy which will cost Australian households more?