Morrison Government Guarantees Lower Taxes

The Morrison Government has today committed to a Lower Tax Guarantee during the next term of Parliament as well as providing an ironclad guarantee that the planned $100 billion of tax relief will be delivered to Australian workers over the next four years.

This commitment provides certainty to millions of workers, retirees and to every small business in Australia.

Prime Minister Scott Morrison said the Labor Party could not give the same guarantee while they continue to refuse to put a speed limit on their tax plan for millions of Australians.

“Lower taxes are at the heart of our economic plan for a stronger economy and stronger future,” the Prime Minister said.

“Today I give the Australian people my Government’s Lower Tax Guarantee.

“I also guarantee that we will deliver $100 billion in tax relief over the next four years, providing Australians with certainty and helping to deliver a stronger economy.

“There is a clear choice at this election and Australians should know that a vote for Labor means higher taxes with real consequences on your mortgage repayments, grocery bill and household budget.

“Labor has left the door wide open to introducing new taxes or higher taxes to pay for their spending initiatives, while they refuse to guarantee a tax speed limit.

“Our Government has delivered income tax relief for more than 11 million Australians and reduced small business tax rates to the lowest level in 50 years – we are the party of lower taxes.”

A re-elected Morrison Government’s Lower Tax Guarantee includes;

• No new taxes on Australian workers.
• No new taxes on retirees.
• No new taxes on superannuation.
• No new taxes on small businesses.
• No new taxes on housing.
• No new taxes on electricity.

A re-elected Morrison Government will continue to put a speed limit on taxes by keeping taxes below 23.9 per cent of GDP.

Treasurer Josh Frydenberg said Anthony Albanese has argued for higher taxes his whole political career including the mining tax, carbon tax, housing tax, death duties and retirees’ tax just to name a few.

“Without a speed limit on taxes, our legislated tax cuts will not be safe under a Labor Government led by Mr Albanese who has called them “tax cuts for the top end of town” and "unfair tax cuts,” the Treasurer said.

“This position is echoed by the Greens, making it abundantly clear that under a Labor-Greens alliance Australian workers and small businesses can never be certain of benefiting from lower taxes.

“The reason why Labor want to tax more is because they can’t manage money and when they run out of money they come after yours.

“Whether it’s wasting $6 billion to pay people to get the jab, even though they’ve already had it, or running JobKeeper longer than necessary Labor have shown they can’t manage money.

“Only the Coalition can be trusted with our plan for a strong economy and a stronger future.”

Finance Minister Simon Birmingham said now was not the time to risk a higher spending Labor Government that would inevitably see Australians cop a higher tax bill.

“We all know that when Labor spends big it means they tax big and that will see Australians pay more,” Minister Birmingham said.

“Labor have made $302 billion worth of vague spending promises, yet they refuse to say how they would pay for them.

"At least Bill Shorten was up front about his $387 billion of tax hikes. Anthony Albanese dodges questions so that he can keep his high spending, high taxing plans secret.

“Australians know that the only way to pay for Labor’s higher spending would be through higher taxes and this huge cost would make our economy weaker, risking fewer jobs and higher interest rates.”

The Labor Party’s record is clear when it comes to putting a speed limit on taxes;

Labor believes a tax cap “does not fulfil any useful economic purpose” (ALP National Platform, 1 February 2019)

Labor believes a tax cap is “imposed for political reasons rather than good economic reasons” (Jim Chalmers, National Press Club, 5 April 2022).