From July 1 this year, the Albanese Labor Government is delivering a tax cut for every taxpayer.
I’ve listened to people in our community who have told me that family budgets are under pressure. That’s why, in addition to our previously announced $23 billion in cost of living relief, we’ve found a better way to deliver tax cuts to more people.
These tax cuts will make a real difference, ensuring that hard working Australians are keeping more of the wages they earn. This includes 67,000 people here in the Shortland electorate - every single taxpayer - who will receive a tax cut under Labor’s plan.
Nurses, teachers, and truckies are some of the most likely to benefit with more than 95 per cent of those taxpayers getting a bigger tax cut.
Our tax cuts are good for middle Australia, good for women, good for helping with cost-of-living pressures, good for labour supply and good for the economy.
In addition, the Albanese Government will increase the Medicare levy low-income threshold for 2023-24, ensuring people on lower incomes continue to pay less or are exempt from the Medicare levy.
Cutting taxes for middle Australia is a central part of our economic plan–along with getting wages moving again, bringing inflation under control, driving fairer prices for Australian consumers and providing important cost of living relief such as energy bill relief, cheaper medicines, higher income support payments, and the biggest boost to rent assistance in 30 years.
You can find out more about how the Albanese Government’s bigger tax plan will benefit you by visiting: www.treasury.gov.au/tax-cuts/calculator.