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Labor backflip: Albanese says the party will support Morrison’s income tax cut package in full

Macquarie National News
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Labor leader Anthony Albanese has announced Labor will vote for all three stages of the Morrison government’s tax cut package.

In a statement, Mr Albanese said that Labor had decided to backflip and support the package “to get more money into the hands of more workers, sooner, to boost an economy which is floundering”.

But the Labor leader left the door open for the party to renege on the controversial third stage of the plan closer to the election.

The Senate will vote on the tax cut package tonight.

Prior to gaining Labor’s support, it looked likely the package would scrape through in the Senate.

The Morrison government looks to have secured the support it needs to get its full income tax package through the senate as early as today.

The Centre Alliance has confirmed its two senators will back the legislation after negotiations over rising energy costs.

And Jacqui Lambie this morning confirmed she’s giving her vote to the tax cuts “in good faith” that something will be done to tackle homelessness in Tasmania.

The first stage of the plan will deliver up to $1080 to low and middle-income earners when they lodge their tax returns in coming months.

The second stage will see people earning up to $45,000, not the current $41,000, will have a 19 per cent tax rate.

The third and most-wide-ranging stage would see the tax rate slashed from 32.5 per cent to 30 per cent for those earning between $45,000 and $200,000 from mid-2024.

Senior government minister Greg Hunt has told 3AW it is important the tax cuts go through.

“We believe these tax cuts are vitally important to allow Australian families have the most money in their pocket,” he said.

What the government wants you to do with your tax cut money

Macquarie National News