On July 1 this year, the Albanese Labor Government will deliver a tax cut for every Australian taxpayer.

Under Labor’s plan, more Australians will get a tax cut and more Australians will get a bigger tax cut. 

Many of you have raised your concerns with me about the legislated ‘Stage 3’ Tax cuts introduced by Scott Morrison, and I thank you for your engagement in this important issue. Our Government has listened to our communities and will deliver fairer tax cuts, benefiting more Australians with a bigger tax cut to help with costs of living.

The Government is responding to the pressure Australians are under, here and now.  
 
The original Stage 3 tax cuts were legislated 5 years ago, before Australians experienced a global pandemic, catastrophic bush fires, a global inflation spike with higher interest rates, and witnessed wars and global conflicts. The economy is not the same as it was when the Stage 3 tax cuts were first legislated. 

As the prime Minister has said, it’s not the job of a Government to sit back and wring their hands when confronted with new challenges. It’s our job to act, to take responsibility, and do the right thing.

That’s what we’ve done.  

Australians are under pressure right now, and it’s clear that every taxpayer needs and deserves a meaningful tax cut.

The average Australian wage earner on $73,000 per annum will receive a tax cut of $1,504, which is $800 extra in their pocket than they would have received under Scott Morrison’s 2019 plan.

Under Labor’s plan, around 79% of taxpayers in the ACT will receive a bigger tax cut from 2024-2025.

Particularly, young people and women stand to benefit significantly from our new plan. All 1.5 million taxpayers aged 18-24 will get an average tax cut of $1,007 and all 1.6 million taxpayers aged 25-29 will get an average tax cut of $1,573.

5.8 million women, or 90 per cent of women taxpayers, will receive a bigger tax cut than under Morrison’s 2019 Plan, an average increase of $707, and all 6.5 million women taxpayers will receive a tax cut of $1,649 on average.

Our plan is good news for Canberrans and I’m proud of the action we’re taking.

To find out how much you will benefit from Labor’s tax cuts, use the calculator on the Treasury website: www.treasury.gov.au/tax-cuts/calculator