Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I'm sure I answered a question like this yesterday. What that question proves is the Labor Party just doesn't get aspiration. Now, of course, we've got an admission from the highest level of the Labor Party that the Labor Party doesn't get aspiration.

On this side of the chamber, we understand about the aspiration of working families wanting to get ahead. We understand that working families around Australia want to see a stronger economy. They want to see a government that has a plan for stronger growth, more jobs and higher wages, which, of course, we will deliver. I went through these stats yesterday. Somebody earning $30,000 a year will, under our plan, get an 8.3 per cent income tax cut every year for the first four years, while someone on $200,000 a year will get a 0.2 per cent income tax cut every year for the first four years. It stands to reason that if you earn $30,000 you only pay $2,200 worth of tax, whereas, if you earn $200,000, you will pay $67,000 worth of tax.

All of these attempts at class warfare will not get you anywhere, because all Australians want to get ahead. All Australians have an aspiration for their children and grandchildren to do better than they did and to get ahead. They understand that we need to ensure we provide the right incentive for people to get ahead. We need to provide the right reward for effort and the right encouragement to work harder. People don't want to see their kids and grandkids penalised for working harder, which is precisely why we are pursuing our long-term plan for income tax relief for families around Australia: to provide cost-of-living pressure relief for low-income families and also to ensure we address bracket creep and provide the right incentive for all working Australians to get ahead. That is what our side of parliament stands for.