Sep 9, 2004

Labor’s tax and ‘better family payment’ plan will…

LABOR’S TAX AND “BETTER FAMILY PAYMENT” PLAN WILL REWARD HARD WORK AND END THE CENTRELINK DEBTS

MEDIA RELEASE – Anthony Albanese – 9 September 2004

A Latham Labor Government will deliver a tax cut to the 4 in 5 taxpayers in Grayndler who did get anything from the Howard Government’s most recent Budget.

While the Howard Government believes only those earning more than $52,000 deserve tax relief, Labor wants to make sure all Australians benefit from our greater economic prosperity.

Under Howard only 18,000 workers in Grayndler received a tax cut. By contrast, Labor will provide tax relief across the electorate to all 100,000 workers. In particular, those earning less than $52,000 a year will get up to an extra $8 a week in their pay packets.

Labor’s comprehensive tax plan will also:

• Increase the top tax threshold to $85,000 from 1 July 2006;

• Introduce a new Tax-Free Guarantee allowing families with at least one child under 18 eligible for family assistance – whether single or dual income to split part of their income. This will be a cut in tax of up to $20 a week per family;

• Reduce the tax on superannuation contributions from 15 per cent to 13 per cent;

• Reward older Australians by extending the tax relief to those currently paying tax.

As well as reducing the tax burden on low and middle income earners, a Latham Labor Government will scrap the complex and confusing system of family payments and introduce one simple, more generous Better Family Payment. Labor will also increase the threshold before families start to lose benefits from $33,000 to $50,000.

As a result of the current system of family payments more than 2,600 families in this electorate have Centrelink debts of $900 or more.

Under a Latham Labor Government families in Grayndler will be between $50 and $130 a week better off and the Centrelink debt trap removed.

These tax and family benefit changes, along with our greater investment in Medicare, public hospitals, schools and child care, will improve the quality of life and living standards of all Australians.

Labor is committed to making sure that our greater economic prosperity benefits all Australian across all communities.