Opposition Leader Peter Dutton has indicated the Liberal-National Coalition will back lower taxes for Australians amid Labor’s changes to the country’s tax structure.
The Coalition is yet to see the proposed details and will meet as a team early next week to formalise a position.
The federal government 2024 tax plan involves lowering the 19 percent tax rate to 16 percent for incomes between $18,200 and $45,000.
In addition, it reduces the 32.5 percent tax rate to 30 percent for incomes between $45,000 and $135,000 and lifts the 37 percent tax rate threshold to $135,000.
A 45 percent tax rate threshold would be increased from $180,000 to $190,000 under the plan.
“We’ll announce our position in due course, but we think there’s a massive black hole in what the government’s doing at the moment.
Albanese Touts Tax Cuts
Prime Minister Anthony Albanese, speaking to reporters on Feb. 2, said, “We have a plan that we will put to the Parliament of every Australian taxpayer getting a tax cut.”Treasurer Jim Chalmers said Labor’s “cost of living tax cut” for middle Australia is “all about supporting the hard work of people who make our economy and our country strong.”
“It’s not just about [the electorates of] Forde, or Farrer, or Dickson, or Dunkley; this is about supporting the workers and their families and communities right around Australia by making sure on the 1st of July every taxpayer gets a tax cut, but 84 percent of Australian taxpayers will get a bigger tax cut because of what the prime minister announced last week.”
In response, Shadow Treasurer Angus Taylor said the Coalition has not seen the legislation yet, but that it would “support lower, simpler, fairer taxes.”
“It’s very clear that Australians’ standard of living has collapsed under this government. 18 months and they’re far poorer than they were 18 months ago.
“We‘ll go through our processes. Labor clearly spent a long time working on this broken promise. And we’ll make sure we get our response absolutely right, but the principles are very clear.”