Labor’s economic plan is delivering for Australians, with inflation down, wages up, unemployment low, debt down and interest rates cut.
A Tax Cut for Every Taxpayer:
From July 1 2024, every taxpayer received a tax cut.
The Morrison Government's tax cuts left out people earning $45,000 or less. Under our government, everyone who pays income tax gets a tax cut.
For locals, this saw 95,000 $1441 better off on average.
Our cost-of-living tax cuts are about rewarding hard working Australians.
We want Australians to earn more and keep more of what they earn. Peter Dutton and the Liberals just want Australians to work longer for less.
A Healthy Budget:
The Albanese Government has delivered the first back-to-back surpluses in nearly two decades – and in dollar terms these are the biggest back-to-back surpluses on record.
This means Labor has delivered the largest nominal improvement in the budget position in a Parliamentary term.
Our back-to-back surpluses are helping in the fight against inflation, and that’s been acknowledged by the RBA Governor.
The government’s budget strategy strikes the right balance between fighting inflation, rolling out responsible cost-of-living relief, supporting growth in our economy and strengthening public finances.
The budget position has improved by $172.3 billion across the past two years compared to what we inherited from our predecessors.
The stronger budget position means gross debt is $149.1 billion lower in 2023-24 than what was forecast at the election, which means we avoid around $80 billion in interest costs over the decade.
The surplus is larger than what was forecast at the time of the 2024-25 Budget, entirely due to lower payments, not higher taxes.
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