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Tuesday, 11 October 2016
Page: 1526

Senator CORMANN (Western AustraliaMinister for Finance and Deputy Leader of the Government in the Senate) (19:00): We are going round and round in circles. It seems like the Greens are interested in running a bit of a filibuster to keep income tax cuts away from hardworking families. So what I say to the Greens is to confirm again information that has previously been made public, so you are well aware of it. This bill will provide a tax cut to around 3.1 million hardworking Australians in 2016-17 and beyond. The Australian Taxation Office, of course, has already issued new withholding schedules giving effect to these tax cuts. The bill will keep 500,000 taxpayers out of the second-highest tax bracket in 2016-17, compared to current rates and thresholds, and all taxpayers with taxable incomes above $80,001 will receive yearly tax cuts. Those with taxable incomes above $87,000 will receive the maximum tax cut of $315 per annum, or $6 a week, compared to the current rates of thresholds which have previously been put on the public record.