Labor to Deliver Income Tax Cuts and Certainty on Negative Gearing

An Albanese Labor Government will deliver the same legislated tax relief to more than 9 million Australians as the Morrison Government.
The Shadow Cabinet and Caucus have today confirmed that Labor in government will uphold the legislated changes to personal income taxes and maintain the existing regimes for negative gearing and capital gains tax.
Labor is providing certainty and clarity to Australian working families after a difficult two years for our country and the world.
Our focus is on making sure Australia emerges from this crisis stronger and more resilient – with an economy that works for working families not the other way around.
When it comes to the economy, the next election will be about the Prime Minister’s dangerous and costly failures to manage the pandemic.
His failures on vaccines and quarantines have caused lockdowns 18 months into this pandemic, and those lockdowns are causing billions of dollars in damage to the economy.
Over eight long years in government, the Coalition’s record is clear in the lives of everyday Australians: stagnant wages, insecure jobs, increased costs for health care and childcare, longer waits to see a GP, and a trillion dollars in debt.
Their own Budget forecasts a decline in real wages over the next four years and independent analysis by the McKell Institute shows that their policies have made the average worker $13,000 a year worse off.
Improving the Budget is all about growing the economy, cracking down on waste and rorts, creating more opportunities for more Australians in more parts of the country, and creating a society that is stronger after COVID-19 than it was before.
It also means ensuring our broader tax system is fair and sustainable, especially when it comes to making sure that multinational corporations are paying their fair share of tax and we will have more to say about that.
After promising eight surpluses and delivering eight deficits – including the largest in Australia’s history – this Government’s only legacy will be generational debt without a generational dividend.