The Grattan Institute today released new analysis showing the Liberals are planning new, deep and sustained cuts over the next decade, reaching $40 billion a year by 2029-30.
The Morrison government would need to cut spending by about $40 billion a year by 2030 to afford its big personal income tax cuts and deliver on its budget surplus forecasts, new analysis by the Grattan Institute shows. Australian Financial Review, 16 April 2019.
This is the latest proof that the Liberals will cut schools and hospitals to pay for bigger tax loopholes for the top end of town.
Theyve already cut $700 million from hospitals and $14 billion from schools and now they want to cut more.
Josh Frydenberg has a plan to bake $300 billion in income tax cuts into the Budget over the next decade, which overwhelmingly benefit high income earners and will be paid for through billions of dollars of secret cuts that will grow over that time.
This morning Josh Frydenberg tripped himself up on how much of his income tax cuts flow to high income earners, after the Australia Institute found it was a mammoth $77 billion.
Despite the income tax cuts being in the Budget and the Finance Minister floundering over this same issue on Sunday, the Treasurer still cant say how much of his tax cuts go to those earning over $180,000 a year.
This morning when pressed on the what the cost was, the Treasurer could only state how much was raised from Labors deficit levy.
SKY AM AGENDA:
JAYES: ...but the Australia Institute Treasurer says that figure is around $77 billion, is that right?
FRYDENBERG: They are just making it up. They don't know.
JAYES: Okay, if they're just making it up, do you know can you tell us in dollar terms?
He couldnt say.
The only thing we know is that the Liberals tax handouts to the top end of town can only be paid for by cutting our schools and hospitals.
This election is a choice between Labors plan for better hospitals and better schools, or bigger tax loopholes for the top end of town under the Liberals.
After six years of Liberal cuts and chaos, our united Labor team is ready to deliver a fair go for all Australians, not just the top end of town.
