In the face of the upcoming election, the Australian prime minister has promised lower taxes if he is elected for another four years.
He pledged $100 billion (US$72.47 billion) in tax relief for Australian workers on April 24, saying that a low tax guarantee is at the heart of the economic plan for a stronger economy and stronger future.
“Our Government has delivered income tax relief for more than 11 million Australians and reduced small business tax rates to the lowest level in 50 years—we are the party of lower taxes,” Morrison said in a release.
This guarantee will see no new taxes on workers, retirees, superannuation, small businesses, housing, and electricity.
Morrison said that he will keep taxes below 23.9 percent of GDP if re-elected.
However, the centre-left opposition, the Australian Labor Party, has also claimed that their government will deliver lower taxes for working families, by increasing the low-and-middle income tax offset by $420 this year.
Further, Labor leader Anthony Albanese confirmed on Tuesday that he won’t be increasing taxes.
“The only tax that we’re considering is on multinationals, that’s consistent with the international negotiations that have taken place. We will have more detail to say about that. That’s the only measure that we’re considering,” Albanese told 5AA Adelaide.
Conversely, Federal Treasurer Josh Frydenberg said that Labor leader Anthony Albanese has advocated for higher taxes his whole political career, including the mining tax, carbon tax, housing tax, and retirees’ tax.
“Without a speed limit on taxes, our legislated tax cuts will not be safe under a Labor Government led by Mr Albanese who has called them “tax cuts for the top end of town” and “unfair tax cuts,” Frydenberg said.
“Whether it’s wasting $6 billion to pay people to get the jab, even though they’ve already had it, or running JobKeeper longer than necessary Labor have shown they can’t manage money.
Finance Minister Simon Birmingham echoed the sentiment, saying that Labor have made $302 billion worth of vague spending promises.
“At least Bill Shorten was upfront about his $387 billion of tax hikes. Anthony Albanese dodges questions so that he can keep his high spending, high taxing plans secret,” Birmingham said.
