Jo Lindgren (Queensland, Liberal Party) Share this | Hansard source

First of all, I would like to assure those listening out in the public that the coalition's 2016 budget is an action budget. It is a budget for all Australians. It is an economic plan for jobs and growth. This budget ensures Australia continues to successfully transition from the mining investment boom to a stronger, more diversified economy, opening up export opportunities which will help more than 100,000 young people into jobs.

The coalition's budget is injecting $840 million for a youth employment package which will help up to 120,000 young people secure jobs. As a former teacher, I know how innovative and needed this package is. The Youth Jobs PaTH package equates to prepare, trial and hire. It increases the employability of today's young people, providing them with real work experience in the real world. It responds directly to business feedback, allowing young people to tailor a pathway that better suits their needs, and builds on their experiences and individual strengths. This package sets up young jobseekers to achieve successful job outcomes.

We must not forget our hardworking young Australians and the Australian businesses that employ them. They, too, will benefit from the coalition's 2016 budget. They will receive tax relief so that they can earn more without being taxed more. This includes at least 870,000 businesses that employ 3.4 million Australians.

We must remember that from 1 July this year, the middle income tax bracket will be increased from $80,000 to $87,000 per year. This increase of the income tax bracket is the real winner for families. In my home state of Queensland, every person earning over $80,000 will get a tax cut from July. This tax cut will be worth as much as $315 per year. This will stop around 500,000 taxpayers from facing the 37 per cent second-top marginal tax rate in each year.

There will be no removal or limit on negative gearing, ensuring no further increase or tax burden on Australians who are simply trying to improve their futures. Those earning less than $80,000 a year in taxable income make up two-thirds of those who use negative gearing. They are the backbone of our society—teachers, nurses, police officers, Defence personnel, office workers and tradespeople.

We have a resilient economy. Last year, our economy grew by almost $40 billion, and 300,000 jobs were created—the most jobs in a single year since 2007, including more than 50,000 new jobs for young people in the last 18 months.

The budget is still casting a targeted welfare safety net for vulnerable Australians, establishing a $1.7 billion dental scheme for children and adults, prioritising spending to capture those most in need of these services. There is also room to support hospitals and schools, and to protect our strong social safety net. We have already announced an additional $2.9 billion in funding over three years for public hospital services, focusing on improving patient safety, quality of services and reducing avoidable hospitalisations.

Australia is growing faster than any other advanced country. This is occurring by fixing the problems in the tax system, and that enables us to sustainably cover the government's responsibilities for the next generation. Governments, like families, understand that they need to live within their means—budgeting and balancing their incomes—something those opposite are yet to understand. This budget keeps Australia on a sustainable path to bring the budget back into balance by policies that continue to control spending while not increasing the tax burden on average Australians.