LABOR is talking up the cost of living measures in its 2025-26 Budget, handed down by Treasurer Jim Chalmers on Tuesday this week.<\/p>\n
Dr Chalmers said the average earner would be $536 a year better off once new tax cuts were fully implemented.<\/p>\n
The first round will be from July 2026, with those on an average income (around $80,000) getting a $268 boost, with the second round coming in from July 2027.<\/p>\n
After the government’s 2024\/25 tax cuts are included, it is estimated taxpayers will be more than $2,500 a year – or about $50 a week – better off overall in 2027-28.<\/p>\n
The cuts will cost $17 billion over the next four years, but Dr Chalmers said the first tax rate would be at its lowest level in more than 50 years.<\/p>\n
“These additional tax cuts are modest but will make a difference.”<\/p>\n
The tax cuts are among multiple cost of living measures locked in by Labor in a pitch to voters ahead of the federal election, due to be held in May.<\/p>\n
Corangamite Labor federal member Libby Coker said the Albanese Labor Government remained focused on delivering for households.<\/p>\n
“The Budget has a strong focus on delivering for the regions, including an additional $68 million to deliver the Stage 2 upgrade of Barwon Heads Road, duplicated all the way to the Lower Mount Duneed Road roundabout \u2013 this project is an absolute game-changer for the Bellarine, Armstrong Creek, and the Geelong region.<\/p>\n
“It also provides funding for a Medicare Urgent Care Clinic in Torquay as part of the Albanese Labor Government’s commitment to deliver another 50 clinics across the country.<\/p>\n
“It’s a responsible Budget that will deliver much-needed cost of living relief with new tax cuts for taxpayers, energy bill relief, investment in every stage of education, and more support for Australians who want to buy a home.”<\/p>\n
G21 chief executive officer Giulia Baggio said it was good to see that housing remained a priority in the Budget.<\/p>\n
“There’s a few little extra measures there to keep driving [housing] production and productivity. We’ve just got to keep pushing on that.<\/p>\n
“We feel we’ve turned the corner on inflation, and if we keep going in that direction, the cost of living will start to ease for people.”<\/p>\n
In response, the Liberals have criticised the budget for having no extra money for community infrastructure programs.<\/p>\n
“The Budget confirmed the $150 energy rebate will barely make a dent in the energy price hikes under Labor, with annual power bills in Victoria up to $638 more than Labor promised,” Wannon Liberal federal member Dan Tehan said.<\/p>\n
“The relief in this budget will be cold comfort to the typical Australian household with a mortgage that is $50,000 worse off under Labor.<\/p>\n
“Inflation is staying higher for longer under Labor and this government has increased spending by $425 billion \u2013 or around $40,000 for every Australian household.”<\/p>\n
– WITH AAP<\/p>\n","protected":false},"excerpt":{"rendered":"
LABOR is talking up the cost of living measures in its 2025-26 Budget, handed down by Treasurer Jim Chalmers on Tuesday this week. Dr Chalmers said the average earner would be $536 a year better off once new tax cuts were fully implemented. The first round will be from July 2026, with those on an […]<\/p>\n