I was absolutely thrilled to join the Leader of the Opposition, Angus Taylor, and the Leader of the National Party in the Senate, Senator Matt Canavan, my friend and colleague from Queensland, at the launch of the Coalition’s plan to fix the economy and protect our way of life.
I have only got two minutes, so I want to focus on two elements of that plan.
The first is stopping Labor’s assault on aspiration.
One of the strengths of this plan is that it clearly sets out the problem, our values and the solution.
The problem is Labor’s assault on aspiration. It is an assault on Australians who are starting businesses, generating wealth, creating jobs and building opportunities for others. Many young entrepreneurs will simply take their ideas overseas because of Labor’s proposed capital gains tax changes. Australia will lose the benefit of their innovation, enterprise and investment.
Our values are clear. The Coalition stands with Australians who work hard, take risks, save and invest in their future.
Our solution is equally clear. We will scrap Labor’s tax changes, including measures that would force around 200,000 small businesses operating through discretionary trusts to restructure.
The second element is the Tax Back Guarantee.
Again, the problem is obvious. The cost of living has gone through the roof. Inflation has gone through the roof. Australians are struggling to make ends meet.
Our values tell us that when people’s wages increase, tax thresholds should also move. Australians should not be penalised by the hidden tax of inflation.
The Coalition’s solution is to act on Labor’s inflation tax through the Tax Back Guarantee.
From 2028-29, we will index the bottom two income tax thresholds to inflation.
Ultimately, that will mean up to $1,000 more in the pockets of Australians on lower and middle incomes.
That is a practical reform that rewards work, protects aspiration and helps Australians keep more of what they earn.
