On 1 July this year, the Albanese Labor Government will deliver a tax cut for every Australian taxpayer, that’s 13.6 million people.

Labor’s tax cuts will deliver a bigger tax cut for middle Australia to help with the cost of living. 

Under our plan which the Prime Minister announced today, the average taxpayer on an income of $73,000 will get a tax cut of $1,504 and an additional 2.9 million Australians who were previously excluded under Scott Morrison’s plan will now share in the benefits of these tax cuts.

From 1 July 2024, the Albanese Labor Government will:

• Reduce the 19 per cent tax rate to 16 per cent (for incomes between $18,200 and $45,000)

• Reduce the 32.5 per cent tax rate to 30 per cent (for incomes between $45,000 and the new $135,000 threshold)

• Increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000 and;

• Increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000