Parliamentary Budget Office information revealed today shows $35 billion of the unlegislated tax package and $91 billion of the total tax package over the period to 2029-30 goes to people earning over $180,000.
From 2024-25 onwards, 30 to 36 per cent of the benefit of the total tax package goes to 8 to 11 per cent of Australians who are earning more than $180,000.
For more than two months the Government has refused to provide these numbers to help the parliament consider whether it is responsible to commit that much five years out to people who are least likely to spend it in the economy.
The only proposal on the table which will give everyone a tax cut this term is Labor’s proposal.
Stages 1 and 2 should be passed without delay to help stimulate an economy which has been floundering on the Government’s watch.
The Government should also bring forward to 2019-20 an infrastructure package and the increase in the $90,000 threshold to $120,000.
Stage 3 should be considered at a later date given it wouldn’t come in until 2024-25 and we don’t know what the economy or the Budget will look like then.