Liberals, Labor both promise to not introduce new taxes if elected

There will be no new taxes over the next four years if the Coalition is re-elected, while the opposition have made a similar promise. The government said Labor’s track record suggests they won’t keep that promise.

There will be no new taxes on households and small businesses over the next four years if the Coalition is re-elected, Premier Dominic Perrottet has vowed.

With cost-of-living concerns top of mind for voters as they prepare to cast their ballots next month, the state government has released new data showing that more than $10bn worth of taxes have been cut or scrapped since the Coalition was elected in 2011.

That includes multiple cuts to payroll tax, saving businesses $5bn, and reforms to stamp duty, delivering $900m in foregone tax revenue.

Now Mr Perrottet has pledged that he will not increase taxes over the next four years if he is elected Premier.

“We are making a commitment to families and businesses across Western Sydney that there will be no new taxes in the next term of government under the Liberal and Nationals,” he said. 

Premier Dominic Perrottet says the government has cut more than $10 billion worth of taxes over the last 12 years. Picture: NCA NewsWire / Tim Pascoe

“Hundreds of thousands of Western Sydney families and businesses are already better off today and paying less tax than they were under the last Labor government.

“Since 2011, our Liberal and Nationals government has made 33 tax cuts, putting $10.5bn back in the pockets of those who need it most.”

Tax cuts delivered under the Coalition also include lowering wagering taxes and reducing the caravan motor vehicle weight tax by 40 per cent.

NSW Labor Leader Chris Minns is being challenged to not raise taxes should he win government. Picture: NewsWire/Monique Harmer

Mr Perrottet said the Coalition’s record on reducing taxes would save Western Sydney families trying to make ends meet.

“The last thing Western Sydney families and businesses need right now is additional budget pressures. Our no new taxes pledge will ensure they have certainty into the future and can keep more of what they earn,” he said.

He said stamp duty reforms allowing first homebuyers to choose to pay a yearly property tax instead of a large up-front sum would save families a total of $900m over four years.

Labor’s Treasury spokesman Daniel Mookhey has also promised that a Minns government would not introduce any new taxes if elected, but the Coalition says Labor cannot be trusted on tax.

“During their last term of government, NSW Labor introduced or increased taxes at least two dozen times. When Labor can’t manage their budget, they come after yours,” Treasurer Matt Kean said.

Mr Kean rejected claims the government had imposed a new tax on power bills by imposing a $138m levy on electricity companies to pay for clean energy policies. He said the levy would cost about 25-35c a week and help deliver a $130 saving.