Prime Minister Malcolm Turnbull set to deliver wages boost, tax cuts for middle income workers
AUSTRALIANS crying out for long-awaited wage growth should will soon have their wish realised, an upbeat Prime Minister will announce on Thursday.
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AUSTRALIANS crying out for long-awaited wage growth should will soon have their wish realised, an upbeat Prime Minister will announce on Thursday.
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Malcolm Turnbull will use a speech in regional Queensland to reassure millions of working Australians they will soon have more money in their pockets.
The PM will again promise income tax cuts are on their way as he goes on the hard sell of his economic record in 2½ years in office.
Mr Turnbull will say Australians will see the dividends of his government’s “year of delivery” in 2017.
In a direct rebuke of Labor leader Bill Shorten’s statement that Australians would not see their wages increase in real terms unless there were industrial relations overhauls, Mr Turnbull will claim the laws of supply and demand “have not been suspended”.
“Wages growth will come because a stronger economy results in more investment, more jobs and more intense competition for workers,” Mr Turnbull will state. “We won’t compromise our return to surplus in 2020-21 but our next tax priority is further tax relief for middle-income earners.”
He said last year the government lifted the second highest income tax threshold to $87,000, keeping about 500,000 Australians from creeping up into that bracket.
The PM and Treasurer Scott Morrison worked over the Christmas break on how they can provide more tax relief for middle income families.
“The stronger the Budget becomes, the more we will be able to give back,” Mr Turnbull will say. He will again attempt to lower the tax rate for all businesses to 25 per cent when parliament resumes, to ensure Australian businesses are competitive with the US.
“We know that if you reduce business tax you get more investment and ... more and better paid jobs,” he will say.
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