The Gillard Government’s LISC cuts contributions tax to zero for workers earning up to $37,000 and puts the money into their super instead.
The LISC, which commenced on 1 July 2012, will build the wealth of some of our lowest paid workers by almost $1billion a year, which will help take the pressure off the pension.
“The Coalition’s tax hike is a kick in the guts to working mums and some of our lowest paid full time workers, who struggle to save for their retirement.” Mr Shorten said.
“Around 1 in 3 workers will pay up to $500 a year more in tax because of the Coalition’s plans.”
“The Coalition’s tax hike will also discourage workforce participation, including among the 2.1 million women who benefit from the LISC”
“Sadly the Coalition’s destructive negativity means they would rather reduce the wealth of 3.6 million workers than take money out of the pockets of billionaires.”
The 3.6 million Australians can expect to see their taxes rise under the Liberals including:
- Around 1.1 million workers in NSW
- Around 910,000 workers in Victoria
- Around 800,000 workers in Queensland
- Around 260,000 workers in South Australia
- Around 360,000 workers in WA
- Around 90,000 workers in Tasmania
- Around 30,000 workers in the NT
- Around 50,000 workers in the ACT
3.6 million people equates to around 1 in 3 Australian workers.
This comes at the end of the week when right across the country the Liberal Party has shown its true colours by sacking tens of thousands of workers and cutting hundreds of millions of dollars from services like health, education and public services like ambulance and fire fighting services.
Mr Shorten’s Media Contact: Jessica Lindell 0408 642 804
