Exactly a year ago this Saturday, the Prime Minister and I announced a controversial but important decision to provide every Australian taxpayer a tax cut to help with the cost of living.
One year on and I can say without hesitation that it's the policy I'm proudest of as Treasurer.
Every taxpayer is better off as a result of the decision we took 12 months ago, not just some, and those benefits will be even bigger from July this year.
New numbers just released show there will be even more money on average in the pockets of every taxpayer next financial year.
Fourteen million taxpayers across the country have already received a tax cut under Labor's plan since July last year.
By the end of this financial year, around 84 per cent of all taxpayers will have received a bigger tax cut compared to Scott Morrison's proposal from 5 years ago.
And nearly 3 million people earning less than $45,000 who were going to miss out completely under the Liberals and Nationals are getting a tax cut under Labor.
Whether you're a nurse, a truckie, a teacher or a tradie, Labor's plan is all about helping you earn more and keep more of what you earn.
New figures show that with higher wages under the Albanese government, chances are your tax cut will be even bigger next financial year.
Due to stronger wages growth under your Labor government, tax cuts will grow from $1,888 this financial year to $1,944 on average next year - putting more money back into workers' pockets.
It's a meaningful increase because it shows we're making welcome progress on the economy after a wasted decade under the Liberals and Nationals.
A truckie earning $72,800 in this financial year, whose income grows to $75,600 in 2025-26, would get a tax cut of $1,569 next financial year compared to $1,499 this financial year.
A nurse earning $72,300 in this financial year, whose income grows to $75,500 in 2025-26, would get a tax cut of $1,567 next year compared to $1,487 this year.
A teacher earning $85,600 in this financial year, whose income grows to $87,800 in 2025-26, would get a tax cut of $1,874 in 2025-26 compared to $1,819 in 2024-25.
We're giving every Australian taxpayer a tax cut at the same time as we're getting wages moving again, fighting inflation and creating jobs.
Wages growth has picked up and on average, wages are growing at almost double the rate they were under our predecessors.
Inflation was high and rising under the Liberals, it's much lower under Labor.
At the election, inflation was 6.1 per cent, it's now 2.8 per cent.
More than 1.1 million jobs have been created since the election and unemployment has remained low at 4 per cent.
The combination of tax cuts, moderating inflation, wage and employment growth means real household incomes per person are also growing again.
They were going backwards 1.6 per cent when we came to office.
That means Australians are earning more and keeping more under Anthony Albanese and Australian Labor but all of this substantial progress is at risk under Peter Dutton and the Liberals.
The Deputy Liberal leader is on the record saying that if the Coalition wins the next election, they will 'absolutely' unwind our tax cuts.
If Peter Dutton and the Coalition really cared about the cost of living, they would have supported our cost‑of‑living relief but they didn't and they don't.
They want Australians to work longer for less.
The biggest risk to household budgets, jobs and wages is a Peter Dutton‑led Coalition government.
Only this week we've seen Peter Dutton wants to make families worse off to pay for tax breaks for long lunches and golf days for bosses.
The contrast couldn't be clearer - we're for tax cuts for workers and energy bill relief for families, they're for taxpayer funded long lunches and golf days.
The Liberals are all about waste and rorts and Labor is all about responsible economic management and that's reflected in our decision to give a tax cut to every taxpayer to help with the cost of living.
No matter what you earn or where you live throughout Australia, you deserve your tax cut.
That's what we're delivering because of the important decision we took a year ago, and that's why we're proud of the even bigger tax cuts you'll get next financial year.
Our aim in all of this is to find the best way to help ease the cost of living for the biggest number of people in the most responsible way and that's what we're doing with tax cuts for every taxpayer, strong and sustainable wages growth and more jobs for more Australians.
