Anthony Albanese insists stage-three tax cuts worth $243bn will go ahead
There has been a lot of talk around the incoming (July 2024) stage-three tax cuts given they will cost the budget $243bn over 10 years (at this point); overwhelmingly benefit men earning over $180,000; and destroy Australia’s progressive tax system (everyone earning between $40,000 and $200,000 will pay the same tax rate).
You make a choice about what you do, your initiatives and the initiatives we are making are positive ones that will make a difference to people, including our childcare policy.
It’s really important that our payments keep up with inflation. That’s why they’re indexed twice a year, and every little bit helps. This indexation will be particularly big this month, because inflation is particularly challenging.
And we know that it won’t solve every problem for everybody, but it’s important that we try and make sure that those payments keep up. That’s what the indexation is about. It will be welcome even as we acknowledge that times will still be tough for a lot of people.
I’ve been really upfront with people before the election, during the election and after the election. I’ve said to you many times over the last six months or so that it would be too expensive to continue that petrol price relief indefinitely. I think Australians understand that we’ve inherited a budget which is heaving with a trillion dollars in Liberal party debt, and that means some difficult decisions including this one.
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