The Federal Government has used its 2019 Budget to pave the way for the forthcoming May Federal Election promising “the largest personal income tax cuts since the Howard Government”.
Delivering his first Budget speech, the Treasurer, Josh Frydenberg said the Government was more than doubling the low and middle income tax offset from 2018-19.
“Taxpayers earning up to $126,000 a year — including teachers, tradies and nurses — will receive a tax cut,” he said and claimed that for a single income family, this would means up to $1,080 in their pockets while for families on a dual income it would mean up to $2,160.
Frydenberg noted that the tax cuts were being delivered despite the fact the Government had moved the Budget back into surplus and that it was forecasting increasing that surplus to $45 billion over the next four years.
Speaking of the tax cuts, the Treasurer said it was money that could go towards monthly mortgage payment, quarterly power bill or yearly car insurance.
“More than 10 million taxpayers will benefit, with 4.5 million receiving the full amount,” he said.