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Monday, 25 June 2018
Page: 6247

Mr MORTON (Tangney) (10:52): I am proud to be part of a government that's committed to creating jobs, boosting the economy and reducing the tax burden on hardworking Australian small businesses and households. I am proud to be part of a government that backs aspirational Australians that work hard to get ahead. The Personal Income Tax Plan became law last week, making income tax lower, simpler and fairer. This is despite Labor voting against it. This is a win for the hardworking people of Tangney and for all Australians.

The coalition government has ensured that all taxpayers in Tangney will be better off. The Personal Income Tax Plan gives immediate tax relief to low-income earners. This financial year, over 10 million hardworking taxpayers will get tax relief. Millions of Australians will take more of their own money home every week, spending their hard-earned cash on their families and the things that matter most to them. Many will be young people entering the workforce for the first time. This permanent tax relief will leave them with more of their own money to invest in their future.

The government is also committed to protecting Australians against bracket creep. From 1 July 2018, the 32.5 per cent tax bracket will increase from $87,000 to $90,000. Around three million Australians will get a tax cut of up to $135 per year. From 1 July 2022, the top threshold of the 32 per cent tax bracket will increase again to 120,000, providing a tax cut of up to $1,350 per year. The removal of the 37 per cent tax bracket completely will benefit 1.8 million Australians. This is great news for the 94 per cent of Australian workers who, under this plan that is now law, will not face a higher marginal tax rate of more than 32.5c in the dollar over the lifetime of their career. Hardworking Australians in my electorate can take those extra hours, can do the overtime and can accept a promotion, without seeing their benefit or their success eroded by higher taxes.

This government is committed to a tax system that rewards effort, is internationally competitive and drives a strong economy. The financial leadership of the Prime Minister, the Treasurer and the finance minister is strengthening the Australian economy, helping create jobs and promote business investment. The Personal Income Tax Plan is a plan that all Australians share in and will benefit from. Your income is your money. You earned it, and you deserve to keep more of it.