Everything about this Budget needs to be seen through the prism of the Liberal's determination to give away $65 billion from the Budget to the big end of town. This is a threat to Australia’s AAA rating and is fiscally irresponsible, not to mention completely unfair to every Australian.
If the Government wasn't proceeding with the $65 billion handout to corporate Australia then there would be no need to increase the Medicare levy, the income tax on working class and middle class Australians.
The Government has got a very simple choice here; you can either let millionaires pay less or you can stand up for 10 million Australians and not make them pay more.
This Prime Minister is so determined to deliver a tax cut for millionaires, he’s declaring ‘mission accomplished’ on budget repair. He’s cancelling the deficit levy, to deliver a tax cut for high-income earners. But this year’s deficit is 10 times bigger than the Liberals’ first budget predicted. Labor will not support spending $19.4 billion on the wealthiest 2 per cent of Australians.
Labor will always choose middle and working class Australians over the top two per cent if I have to. Mr Turnbull should drop his $65 billion tax handout to big business, including the banks, including multinationals and he should get behind working class Australians.
That is why Labor won’t go through with Malcolm Turnbull’s big business cuts. Labor has already identified $100 billion-plus of reductions in the Budget bottom line to help pay for our commitment to a fairer Australia. Budget repair that is fair requires continual attention to reduce low-priority or wasteful spending to make space for important spending or to improve the Budget bottom line.