Australian government seeks to woo voters with surprise tax cuts

Diario As

25/3/2025

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00:00Mr Speaker, I present the appropriations.

00:11Speaker, this budget builds on the progress that we have made together.

00:16It's a plan to help with the cost of living, with two new tax cuts and higher wages, more

00:21bulk billing and more help with electricity bills, cheaper medicine and less student debt.

00:27...to other occupations when and where we can.

00:30Speaker, our economy is turning the corner.

00:33Inflation is down, incomes are rising, unemployment is low, interest rates are coming down, debt

00:40is down and growth is picking up momentum.

00:44On all of these fronts, our economy and our budget are in better shape than they were

00:49three years ago.

00:51The 2020s have already seen a global pandemic, global inflation and now the...

00:56This budget is our plan for a new generation of prosperity in a new world of uncertainty.

01:04It's a plan to help finish the fight against inflation, rebuild living standards and maximise

01:10our national advantages into the future.

01:13...resources, skills and energy bases and our attractiveness as an investment destination.

01:19Storm clouds are gathering in the global economy as well.

01:24Trade disruptions are rising.

01:26China's growth is slowing.

01:28War is still raging in Europe and a ceasefire in the Middle East is breaking down.

01:34Treasury expects the global economy to grow three and a quarter per cent for the next

01:37three years, its slowest since the 1990s.

01:41It's already forecasting the two biggest economies in the world will slow next year, with risks

01:47weighing more heavily on both.

01:50Australia is neither uniquely impacted nor immune from these pressures, but we are among

01:55the best placed to navigate them, back in the band six months earlier than anticipated.

02:02Growth is forecast to pick up from 1.5 per cent this year to 2.5 per cent in 2026-27.

02:10The private sector is resuming its rightful place as the main driver of this growth, with

02:16Treasury upgrading forecasts for growth in private demand to more than double next year

02:21compared to this one.

02:23We will raise the minimum repayment threshold and reduce repayment rates.

02:28Tonight's budget is $207 billion better than we inherited.

02:35It's in better shape in every year over the forward estimates than it was three years

02:39ago.

02:40In our first two years, we posted the first back-to-back surpluses in nearly two decades.

02:46Our deficit this year has almost halved since we came to office.

02:51Next year's deficit is $42 billion, lower than what was forecast at the last election

02:56and lower than at the mid-year update.

02:58There are 4,800 fully bulk-billing practices around the country, making it easier to get

03:04back to work.

03:05The plan at the core of this budget is about more than putting the worst behind us.

03:10It's about seizing the best of what's ahead of us, to build a stronger economy together

03:17and to build a future that we can all be proud of.

03:20That's why I commend this bill and this budget to the House.

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