Labor’s first response to the 2016 budget

A Budget For Big Business Over Battlers

This is a Budget that puts high income earners and big business before families and undermines Australia’s future.

The Liberals say this is a plan for jobs and growth – but it’s really a plan to deliver tax cuts for multinationals at the expense of Australian families.

It fails to set up Australia for the future by cutting services, cutting infrastructure, cutting skills and education.

Tonight’s Budget is fiscal recklessness on a grand scale, proposing an unfunded and uncosted five per cent company tax cut over ten years, which has the potential to put Australia’s AAA credit rating at risk.

It is a Liberal Budget to its core:

  • An extended GP Tax by stealth
  • Cuts to schools
  • Cuts to Medicare
  • Cuts to families and pensioners that will increase the cost of living
  • Cuts to higher education
  • Tax cuts for multinationals
  • Cuts to veterans’ hospitals.

Mr Turnbull promised fairness, but he is so desperate to give a tax cut to the top end of town that he’s changed the definition of small business.

In Mr Turnbull’s Australia, big businesses like Goldman Sachs is a small business.

Australian families are the biggest losers tonight.

Individuals who earn the most will get a double tax cut – someone on $1,000,000 will get a $16,715 tax cut tonight while three quarters of Australian taxpayers receive absolutely nothing.

A couple with a single income of $65,000 with three children in primary school are $3,034 worse off a year – and receive no tax cuts.

A single mother with an income of $87,000 with two children in high school is $4,463 worse off per year as a result of tonight’s Budget.

Tonight’s Budget forecasts higher taxes than at any time while Labor was in Government.

It confirms the Government has lost control of the deficit – it has tripled the deficit in three years, while debt continues to grow.

At the same time, the Budget confirms unnecessary spending, including the Government’s new $1,000 baby bonus.

The difference between Labor and Liberal could not be more stark tonight - we'll put people first, while the 2016 Budget has shown the Liberal Party will look after high income earners and multinationals.

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