Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

The government opposes these amendments. In doing so, I make the point that there is nothing arrogant about keeping faith with the verdict of the Australian people at the most recent election. There is nothing arrogant about acting and delivering on the promises that we as a government made in the lead-up to the election. That is what the Australian people expect us to do. This was a central part of the policy contest in the lead-up to the last election. We were absolutely and explicitly arguing for the need to have income tax relief for all working Australians—not to turn Australian against Australian, not to pursue the politics of envy, but to pursue income tax relief for all working Australians—prioritising low- and middle-income earners but also providing structural reform to take the bracket creep monkey off all working Australians to ensure that we continue to support aspiration. If bracket creep remains unaddressed, it weakens the economy over time.

In relation to the argument that this doesn't come into effect until 2024-25: as Senator Lambie quite rightly pointed out, Australians actually want to see long-term vision. They don't want governments to just look over the next three years. We've phased in a comprehensive plan for income tax relief in a way that is fiscally responsible as well as economically necessary. As I've said previously: if the Labor Party is so committed to rolling it back and if the Labor Party is so committed to increasing taxes in the future, then, given that there is another election, as they observe, they can take a policy to the next election seeking to persuade the Australian people to increase income taxes again.

I reject the assertions that were made that this is supposedly not funded. The Pre-election Economic and Fiscal Outlook is released independently by the secretaries of Treasury and Finance, not by the government.