Michael Sukkar MP

LABOR’S ONLY COMMITMENT: TAX CUTS FOR AUSTRALIANS ARE NO GUARANTEE

THE HON MICHAEL SUKKAR MP
Assistant Treasurer
Minister for Housing
Minister for Homelessness, Social and Community Housing

MEDIA RELEASE 

19 May 2021

 LABOR’S ONLY COMMITMENT: TAX CUTS FOR AUSTRALIANS ARE NO GUARANTEE

Anthony Albanese and his shadow treasurer Jim Chalmers have once again proved they have no plan to grow the Australian economy.

What is clear though is that under Labor, Australians will pay more tax.

In his speech to the Press Club today, Jim Chalmers left the door wide open to winding back the Government’s stage 3 tax cuts.

“A nation cannot tax its way to growth. Sadly, the Labor Party continues to confirm that their first instinct is to raise taxes, not lower them,” Assistant Treasurer Michael Sukkar said.

“The Labor Party needs to come clean to Australians about their future tax plans. If they fail to commit to lowering the tax burden, they will be placing further strain on workers at a time when the economy needs more growth, not more barriers to growth.

“And for someone who claims to spend plenty of time with the business community, Dr Chalmers’ 16 page speech had no mention of small business. Small and family businesses are the backbone of our economy and only the Morrison Government can be trusted to back them.

“Just like we are seeing with the Victorian Labor Party with their proposed tax increases on housing, Anthony Albanese and Jim Chalmers will be a handbrake on Australia’s economic prosperity unless they get on board with the Government’s plan to lower taxes.”

Labor’s plans for higher taxes come on top of the uncertainty around their position on new taxes on housing, retirees, and people’s incomes and investments.

This is a party that is all spin, no policy, with $387 billion in taxes still lurking in the background.

In contrast, the Morrison Government’s tax plan, backed in by voters at the 2019 election, will lower the tax burden on hardworking Australians and structurally reform the tax system by adjusting and abolishing tax brackets.

The Government’s three stage tax plan will provide immediate relief to low and middle-income earners, lock in the benefits of tax cuts and stimulus to the economy and undertake structural changes to the tax system to deliver tax relief.