Labor’s tax reform plans would cost Victoria $24b: analysis

BILL Shorten’s tax reform plans as the alternative prime minister would cost Victoria more than $24 billion, according to new government modelling.

BILL Shorten’s tax reform plans as the alternative prime minister would cost Victoria more than $24 billion, according to new government modelling.

The data, obtained by the Herald Sun, puts the cost of Labor’s proposals — including changes to negative gearing, capital gains tax and superannuation — at $7418 per Victorian worker.

Prime Minister Malcolm Turnbull lashed out at Labor’s tax policies yesterday, which he said also included increasing taxes “on the very businesses that employ the majority of Australians in the private sector”.

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He said Mr Shorten’s proposals and his opposition to the government’s company tax cuts would “have the effect of reducing investment and employment”.

The government analysis breaks down what Treasurer Scott Morrison has said would be a $164 billion tax hit over a decade under a Labor government.

Opposition employment spokesman Brendan O’Connor said wage growth was stagnating and that the government had no plans to help workers except its “unfunded gift to big business”.

“It is not funded and it is irresponsible,” he said.