“Taxes should be lower, simpler and fairer, but taxes must also be paid. Honest and fair businesses and taxpayers are being ripped off by those who think they are above paying tax.”
This is what sums up this Federal Budget best, our tax code is too complicated and people deserve to keep more of what they earn. This is one of the core reasons we are Liberals, we believe that government can never spend YOUR better than you can.
The Australian economy in its 27th year of consecutive growth and the economy has been adding jobs at an average of almost 1,000 a day.
As the Treasurer said in his budget speech “Everyone pays the price of higher taxes. It weakens the economy and costs jobs.”
People earning up to $37,000, who are paying 19 cents in the dollar will have their tax reduced by up to $200 It’s worth noting that the average tax paid by Australians in this tax bracket is $1,900 per year. So this isn’t a token, this is a real impact that effects people now.
As students, this means for many of us who sit in this tax bracket the Liberal Party is delivering real tax breaks to us without carrying that burden onto anyone else.
This budget also tackles ‘bracket creep’ where inflation, over time, pushes people into higher tax brackets.
The Liberals plan for a strong economy can be summarised into five points:
- Tax relief to encourage and reward working Australians,
- Backing business to invest and create more jobs,
- Guaranteeing the essential services Australians rely on,
- Keeping Australians safe, and
- Ensuring the Government continues to live within its means.
The alternative is increasing deficits, more taxes and an economy that stifles growth and jobs by suffocating regulation and politically motivated spending.
Newcastle Liberal Students is proud to say that this budget is the best that the Turnbull government has presented to the parliament. We hope that the Senate will pass the budget with minimal changes.