It's with great pleasure that I rise today to talk about the fact that the Albanese Labor government will be delivering a tax cut to every Australian taxpayer from 1 July this year. This is truly great news for all Australians. The original stage 3 tax cuts under Scott Morrison were legislated five years ago, before Australians experienced a global pandemic, catastrophic bushfires and 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 great economist John Maynard Keynes said: 'When the facts change, I change my mind. What do you do?' It is not for governments to not act when circumstances change, and what we have done here is to listen to communities, including mine, who wanted to see a fairer plan for tax relief and tax cuts that will help more taxpayers with the cost of living through a bigger tax cut. That is exactly what we are delivering with this tax plan under the Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024.

Taxpayers earning below $146,486 will get a bigger tax cut. Those earning above this level will still receive a tax cut. And we are delivering fair and responsible tax cuts for all 13.6 million taxpayers; 11½ million people will get a bigger tax cut than they would have under Scott Morrison's plan, and that is 84 per cent—

Apologies—the member for Cook. Taxpayers earning up to almost $150,000 will get a larger tax cut. This means that more people are getting more money in their pocket to help combat the cost-of-living crisis. Our government is committed to helping combat the cost of living for more Australians. Many of my constituents raised their concerns with me about the legislated stage 3 tax cuts introduced by the member for Cook, the former prime minister, and I welcome that engagement with me as their local member on this really important issue. They were concerned about a policy that could have been done much better to benefit more Australians. They were concerned about the benefits going mainly to those on the highest incomes, many of them benefiting from it themselves but writing to me to say they wanted to see a different plan. Under our plan, as I've said, more Australians will get more of a tax cut, and this is great news.

The government is responding to the pressure that Australians are under right here and now. As the Prime Minister has said, it's not the job of the government to sit back and wring their hands when confronted with new challenges. It's our job to act, to take responsibility and to do the right thing, and 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. Under our government's plan the average Australian wage earner who is on $73,000 per annum will receive a tax cut of just over $1,500, which is $800 extra in their pocket than they would have received under the original plan. In my electorate 78,000 taxpayers will be getting a tax cut, with 60,000 Canberrans receiving a bigger tax cut under our government than they would have under the original stage 3 tax cut plan. That is 77 per cent of Canberran taxpayers receiving a bigger tax cut.

Our plan is also fairer for women. Women will receive tax cuts that are fairer, better and bigger under our plan. All women taxpayers will receive a tax cut and 90 per cent of women taxpayers will be getting a larger tax cut under the Albanese Labor government's plan. That is 100 per cent of working women who pay tax in Australia getting a tax cut, and this is fantastic news. On average, Australian women will get a tax cut of $1,649 each year under Labor's plan. Ninety per cent of Australian working women taxpayers will get a bigger tax cut under Labor's new tax plan compared with the stage 3 tax cuts. And under Labor's plan 97 per cent of childcare workers, disability carers and aged-care workers will be better off. Ninety-six per cent of nurses will be better off and 98 per cent of teachers will be better off compared with the previous government's plan.

Labor's plan will put more money in women's pockets and make it easier for them to pick up extra hours of work if they want to as they will keep more of what they earn, because our government wants to see people earning more and keeping more of what they're earning. With the gender pay gap still at 13 per cent, giving women more money to help them in the short term while we work to close the gender pay gap means that the sting of the increased cost of living will be eased; 5.8 million women, or 90 per cent of women taxpayers, will receive a bigger tax cut, an average increase of $707, and all 6½ million women taxpayers will receive a tax cut of $1,649 on average.

Our plan is also great for young people. I have one of the youngest electorates in the country—in fact, the fourth-youngest electorate in the country. There are over 22,000 people under the age of 30 enrolled in the division of Canberra, and it is young people who are facing the cost-of-living crisis head on. This tax cut will ease some of the pressure on them to ensure that they can prepare for their futures adequately. Under our government, all 1.5 million taxpayers aged 18 to 24 will get an average tax cut of just over $1,000. And all 1.6 million taxpayers aged 25 to 29 will get an average tax cut of $1,573. This is great news for Canberrans, and I'm proud of the action that we're taking to reduce the cost-of-living pressures on everyday Canberrans and everyday Australians. Under Labor's plan, more Australians will get a tax cut, and more Australians will get a bigger tax cut. As I said, around 79 per cent of taxpayers in the ACT will receive a bigger tax cut from 2024-25, and this is great news for our members of the community who are working hard, who talk to me every day about the difficulties that they're facing with the cost of living and who raise concerns with me about the fairness of the stage 3 tax cut plan. This is for everyone who is working hard and deserves a tax cut.