Ninety per cent of local workers to get a bigger tax cut

The Albanese Government is delivering a tax cut for every taxpayer in the Bankstown and Auburn area starting on 1 July.

Almost 63,000 people, or 90 per cent of local taxpayers, will receive a bigger tax cut than they would have under the plan Scott Morrison legislated five years ago.

Labor’s new tax cuts are designed to provide cost-of-living relief to middle Australia while making our tax system fairer.

The average tax cut will be $1,223.

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 Scott Morrison’s proposal.

To find out how much you will benefit from Labor’s tax cuts, use the calculator on the Treasury website:

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.

“This is 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 Blaxland, Jason Clare MP:

“Every taxpayer in our community will now get a tax cut from 1 July.

“90 per cent of local workers will receive a bigger tax cut, helping to put more cash back into people’s pockets when they need it most.”