THE HON DR JIM CHALMERS MP
THE HON STEPHEN JONES MP
MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
MEMBER FOR CUNNINGHAM
From July 1, the Albanese Government is delivering a tax cut for every local taxpayer in the Illawarra and Southern Highlands.
Labor’s new tax cuts are designed to provide cost-of-living relief to middle Australia while making our tax system fairer.
Around 145,000 locals will receive a tax break from July 1. The average tax cut will be $1,514 in the electorate of Whitlam, and $1,640 in the electorate of Cunningham (see table below).
Number of taxpayers receiving a tax cut:
Average tax cut:
Number of taxpayers receiving a bigger tax cut than under Stage 3:
Proportion of taxpayers receiving a bigger tax cut than Stage 3:
Around 123,000 people in the Illawarra and Southern Highlands will receive a bigger tax cut than they would have under the plan Scott Morrison legislated 5 years ago.
The average Australian wage earner on $73,000 per annum will receive a tax cut of $1,504, which is more than $800 extra in their pocket each year than they would have received under the Coalition’s proposal.
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
Quotes attributable to Treasurer Jim Chalmers:
“We’re giving a tax cut to every taxpayer in 2024.
This is about more help with the cost-of-living and more help for middle Australia.
It’s the right and responsible thing to do-to - deliver more relief for more workers without adding to inflationary pressures or burdening the budget.”
Quotes attributable to Member for Whitlam, Stephen Jones:
“Local workers such as nurses, teachers and truck drivers in our region will be better off under Labor’s new tax cuts.
If you’re earning $40,000 a year at a supermarket, you’ll now get a tax cut of over $650. Under Scott Morrison’s plan, you would have got nothing.
I know how hard it is for families at the moment with the cost of living. This is all about putting cash back into people’s pockets. It’s also good for the economy and will not add to inflation.”
Quotes attributable to Member for Cunningham, Alison Byrnes:
“Over the summer I have spoken to countless local families, support organisations and charities, and understand the acute pressure they are currently under.
That’s why our broad and fair tax cuts includes everyone, ensuring no-one is held back and no-one is left behind.
Labor’s plan provides a bigger tax cut for more people to help with the cost of living.”