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Thursday, 25 July 2019
Page: 1046

Taxation


Ms LIU (Chisholm) (14:32): My question is to the Treasurer. How will the Morrison government's lower taxes help families and small businesses in my electorate of Chisholm? Is the Treasurer aware of any alternative policies?


Mr FRYDENBERG (KooyongThe Treasurer) (14:32): I congratulate the member for Chisholm on her historic victory in bringing that electorate back to the coalition as the first Chinese-born Australian woman in this place. She and the Liberal Party have made history. She brings to this place experience in small business, the types of skills that our members bring to this place in the construction of policy. She knows that, of her electors—people in Box Hill, Box Hill North and Glen Waverley—71,469 taxpayers in the electorate of Chisholm will be better off as a result of the tax cuts that passed this parliament. More than 26,000 of them will receive the full $1,080 as a result of the legislation that passed this parliament.

I can inform the House that, as of today, 3½ million Australians have lodged a tax return for the 2018-19 year. That's nearly 25 per cent more than at the same period last year. I can also inform the House that the Australian Taxation Office has paid out refunds of $4.1 billion. That's money flowing into the pockets of Australians, because this side of the House believes that Australians should earn more and keep more of what they earn. The legislation that we passed will ensure that Australians will pay a marginal rate of no more than 30c in the dollar if they earn between $45,000 and $200,000. That is tackling bracket creep. So, if you get a promotion, you work a few extra hours or you take a second job, you're not likely to pay a higher marginal rate of tax. We're abolishing a whole rate of tax—the 37c bracket has gone, against the wishes of those opposite—and we're lifting the threshold for the 19c bracket from $37,000 today to $45,000.

While we stand for lower taxes, those opposite stand for $387 billion of higher taxes. The member for Rankin said he was proud and pleased of the retiree and housing taxes. The member for Barton said that the tax policies they took to the last election were good policies. No wonder the Leader of the Opposition has not changed his tax policies; he still believes tax reform means higher taxes for all Australians. Only the coalition will deliver more money into the pockets of hardworking Australians. (Time expired)