Nick McKim (Tasmania, Australian Greens) Share this | Hansard source

Let's be really clear about why we are where we are in relation to the stage 3 tax cuts. We are where we are because the Labor Party was too weak to stand up to former Prime Minister Scott Morrison. We are where we are because the Labor Party voted for Mr Morrison's stage 3 tax cuts for the top end. The Labor Party voted to give $9,000 a year in tax breaks to some of the wealthiest Australians. So Mr Morrison's stage 3 cuts for the top end then became Labor's stage 3 tax cuts for the top end. Now Labor has come back to make these incredibly regressive stage 3 tax cuts that are currently legislated only because Labor voted for them slightly less bad.

But let's be clear about what Labor's proposal actually does. Under Labor's tax plan, the wealthiest 20 per cent of society, the highest income 20 per cent of society, will get 50 per cent of the tax cuts. The poorest 20 per cent of our society in Australia will get less than half a per cent of the tax cut. Labor's tax plan proposes to give politicians and CEOs an extra $4,500 a year in their pockets. That is $4,500 a year in the pockets of every single senator sitting in this place. That is Labor's tax plan. Labor's tax plan still sees the majority of the benefit go to men and a minority of the benefit go to women. What Labor should have done is use the money they could have saved by not giving these obscene tax breaks to the top end to improve social services in this country—for example, putting dental and mental health into Medicare.

This MPI also references negative gearing and capital gains tax discounts. In the next five years, property investors will get $200 billion in tax concessions from the government. That's $200 billion in tax concessions for property investors that will allow them to outbid Australians who are dreaming of owning their first home. It's a disgrace.