A strong economy is the key to creating more jobs. It is also the key to guaranteeing essential services and keeping Australians safe. While there is global uncertainty, Australia’s economy is resilient.
Under our plan, income taxes will be lower, fairer and simpler so Australians keep more of what they earn and save.
- Our personal income tax plan will encourage and reward hard work. It will help families get ahead.
- It provides immediate tax relief to workers.
- Around 4.5 million workers are getting $1,080 from 2018-19. Around 10 million workers are getting some relief.
- We’re making income taxes lower, fairer and simpler. By the time our tax relief plan is fully implemented, 94% of taxpayers will pay no more than 30 cents in the dollar.
- The top 5% of taxpayers will continue to pay around one-third of all personal income tax.
Backing Small Business
- Small business is the backbone of our economy. We’re backing small businesses, to help them get ahead and create more jobs.
- Our tax relief plan benefits 3.4 million businesses employing over 7 million Australians.
- The Government is extending the Instant Asset Write-Off until 30 June 2020, for assets up to $30,000.
- The new $2 billion Australian Business Securitisation Fund is helping small businesses get the funding they need at a better rate.
- The $585 million Delivering Skills for Today and Tomorrow package will strengthen the VET system and provide small business with support to take on more apprentices in areas of skills shortages.
- Since 2013, we have cut around $6 billion of red tape.
A strong economy is the key to creating more jobs. It is also the key to guaranteeing essential services and keeping Australians safe.
While there is global uncertainty, Australia’s economy is resilient:
- Last year, for the first time in 11 years, the budget was returned to balance.
- Over 1.5 million new jobs have been created since 2013.
- Australia now has the lowest level of welfare dependency in 30 years.