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Thursday, 4 April 2019
Page: 14856

Mr GOODENOUGH (Moore) (13:49): With the budget moving into surplus, our government is now paying down debt to secure the future of our next generation. The Morrison government is on track to eliminate net debt by 2029-30. Our Liberal coalition government is also keeping taxes as a share of GDP within the 23.9 per cent cap, limiting the tax burden on Australians. For residents in my electorate of Moore with mortgages, it is important to keep inflation under control through responsible spending to ensure less upward pressure on interest rates and to keep housing affordable for young families in our northern suburbs.

Under our plan to reduce taxes by 2025, 94 per cent of all taxpayers will pay a marginal tax rate of no more than 30 per cent. Immediate tax relief will flow to low- and middle-income earners of up to $1,080 for singles or up to $2,160 for families. Around 4.5 million individuals will see the full benefit for the 2018-19 income year. The budget is back in the black and Australia is back on track!