Kristina Keneally (NSW, Australian Labor Party) Share this | Hansard source

Thank you very much. We know that, under Labor's bigger, better, fairer income tax plan, 72 per cent of the people of Lyne, or 52,000 people, will be at least $928 better off. Of the people of Cowper, 73 per cent, or 60,000 of them, will be at least $928 better off.

I turn to the questions asked to Minister Cormann, first by Senator Bilyk. She posed to him some facts that we now know as a result of analysis done not only by the Parliamentary Budget Office, which I will come to in a moment, but also by NATSEM. The analysis says that, particularly when it comes to stage 3 of Prime Minister Malcolm Turnbull's Personal Income Tax Plan, there will be higher income inequality; the rich will get more tax cuts than the poor. We know the electorate of Wentworth will be best off under this income tax plan proposed by the Turnbull government. We know that this Turnbull government would like to see tax cuts for multinationals and millionaires and penalty rate cuts for working people.

We also know that, in my home state of New South Wales, in the electorate of Reid 110,000 people would be better off under Labor's income tax plan. They would be better off the tune of up to $928 a year. We know particularly that the financial benefits of stage 3 overwhelmingly flow to the well-off in the community, but we also know from analysis released today by the Parliamentary Budget Office that stage 3 of the Turnbull government's income tax plan will cost $10.4 billion a year by 2028, and it will grow at 12 per cent a year. We know that Minister Cormann and Treasury have done year-on-year analysis of the Turnbull government's Personal Income Tax Plan and they're not releasing it. They told us in Senate estimates that they had that year-on-year analysis but they're not releasing it. They're asking the Senate—they're asking the crossbench in particular—to vote blindly, it would seem, without that type of information.

One thing we also know as a result of Parliamentary Budget Office analysis is that overwhelmingly the financial benefits of stage 3 flow to men over women at a ratio of three to one. Thirty billion dollars of the $41 billion of stage 3 flows to men—not surprising from a government that doesn't believe that we should axe the tampon tax. They are apparently quite happy to see the benefits of their Personal Income Tax Plan flow overwhelmingly to men. The gender bias deserves to be— (Time expired)

Question agreed to.