Fresh from a stinging election loss, the Labor party is on track to back the same failed policy initiatives that voters just shunned.
Near the top of the list is the coalition’s tax cut agenda, which would deliver sweeping tax relief to all Australians over the next five years.
No rest for the wicked
This could be the first fight we see under the new sitting parliament.
Under the Coalition’s plans, income tax cuts would address lower and middle-income earners immediately, but by 2022 and 2024, they’re aiming to flatten the tax structure altogether, AAP reports.
And if Treasurer Josh Frydenberg gets his way, we could be seeing the entirety of the tax plan being legislated together.
‘It is important that this is dealt with as a package because we are talking about not just immediate tax relief but also long-term structural reform,’ he said.
But with Anthony Albanese recently on the scene to become the next opposition leader, he’s adamant that Labor will not support the change — as he believes the behaviour of the global and domestic economy will be unpredictable in the coming years.
Labor says economic future uncertain
‘We are prepared to support the first tranche, which is about low and middle-income earners. So the government shouldn’t play politics with this,’ Albanese told reporters in Sydney.
‘The truth is that our international global economic circumstance is very vulnerable,’ he said.
Vulnerable, yes. But unpredictable…we’re not so sure. With the decline in the property market, the leaning towards the cut in interest rates, an unstable and overvalued market…it could be believed that the situation is far beyond treatment.
But his resistance to the tax cuts could result in a failure to pass the measure through the senate, resulting in the splitting of amounts. Which would be devastating to the Australian public…the ones who voted the promise in.
In early April, Prime Minister Scott Morrison said that the ATO could administer the cuts if Labor supported the changes. However, they responded saying the change would not happen without the passing of a law. Labor treasury spokesman Chris Bowen then said Mr Morrison would be ‘breaking promises’ by not delivering the tax offset in time.
It seems Labor is more interested in being petty than actually giving Aussies some much needed financial relief. Understandable, considering their devastating loss, but can they not see they’re only making enemies of themselves?
More to come.
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