Tuesday, 23 May, 2017

Labor to back retaining budget fix levy

By 2019 top earners will have an effective tax cut of 1.5 per cent By 2019 top earners will have an effective tax cut of 1.5 per cent. Gabriele Charotte
Arthur Frazier | 12 May, 2017, 03:34

Mr Shorten committed the opposition to only supporting a 0.5 per cent hike in the Medicare levy to fund the national disability insurance scheme, for those earning more than $87,000.

Later the treasurer said the cost over the "next" 10 years would be $65.4 billion.

Under the Labor plan, top tax earners (earning more than $180,000) would have a tax rate of 49.5%, making permanent the deficit levy, which was due to expire this year, the Australian Financial Review reports.

The Deloitte analysis shows that 18.3 per cent of taxpayers earn more than $100,000 a year, and they will pay 46.5 per cent of the additional Medicare levy.

"Labor can not support making people on modest incomes give up even more of their pay packet", he said.

Shorten said the budget "fails the fairness test" and it "fails the generational test".

The Labor leader also confirmed the Opposition would not support the Government's efforts to address housing affordability, deciding instead to continue to call for changes to negative gearing.

The banks knew they could run over the top of this weak prime minister, he said.

Earlier, in Question Time, the opposition extracted from the government the fact that the cost of its ten-year corporate tax cut - the first part of which is already legislated - would be $65 billion over the upcoming decade, compared with almost $50 billion over a decade when announced a year ago.

Fireworks cache explodes in Mexico, killing at least 12
At least 14 people, including five children, have died in a fireworks explosion in Mexico, according to local officials. In December, more than 30 people were killed in a huge fireworks explosion in a Tultepec , just outside Mexico City .

But confirming that figure took Labor a handful of questions to the Prime Minister Malcolm Turnbull and Treasurer Scott Morrison in parliament on Thursday.

The opposition will not support setting aside $170 million for a same-sex marriage plebiscite.

In his budget reply, Shorten said: "This is a recipe for fiscal recklessness on a grand scale".

Elsewhere, Labor would cap the amount people can claim as a tax deduction for the management of their tax affairs at $3000 to stop people "exploiting holes" in the net.

The crackdown would reportedly raise $1.8 billion over a decade and would affect less than 1 per cent of taxpayers.

Finance Minister Mathias Cormann said Mr Shorten's speech was full of political rhetoric but short on a plan to grow the economy and create jobs.

Analysis by Deloitte's Chris Richardson suggests that about 50,000 people with annual income of more than $1 million will contribute 6.9% of the increased revenue from the proposed 0.5% rise in the Medicare levy.

He said Labor's numbers did not add up and it would put the triple A credit rating at risk.

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