REDUCING TAXES

From 2018-19, 4.5 million Australians will get tax relief of $1,080 per year.

Over 10 million taxpayers will get some tax relief.

We’re making income taxes lower, fairer and simpler. By the time our tax relief plan is fully implemented, 94% of taxpayers will pay no more than 30 cents in the dollar.

Tax relief has been delivered for 3.4 million small and medium businesses employing over 7 million Australians.

At the last election, we took a stand against Labor’s hundreds of billions in new and increased taxes – on retirees, housing, income, investments, family businesses, electricity and cars.

ACCESSIBLE, AFFORDABLE CHILD CARE

The Government’s new Child Care Subsidy is making child care more accessible and affordable for around 1 million families.

On average, families who use child care have seen a 4.2% reduction in out of pocket costs (to December 2019).

A typical family is around $1,300 better off per child per year.

Families can see how they will benefit at www.education.gov.au/eccc

MORE AFFORDABLE, RELIABLE ELECTRICITY

While electricity prices doubled under Labor, we have begun to turn the corner on power prices.

ABS data shows the average price of electricity fell by around 3.5% in the last year (to December 2019).

A number of new measures – a price safety net to protect customers, a big stick to stop energy company rip offs of customers, and a technology neutral program to underwrite new reliable generation – will reduce power prices.

MORE AFFORDABLE HEALTH CARE

More Australians are seeing their doctor without having to pay.

Over 136 million free GP services were delivered last year – 30 million more than in Labor’s last year.

We have taken steps to make private health insurance more affordable.This year, premiums will increase by an average of 2.92% – the lowest rise in 19 years (and lower than in any year under the previous Labor government).

Since coming into Government, we have made around 2,300 medicines listings worth over $10.7 billion on the Pharmaceutical Benefits Scheme.

These help people suffering from cancer, heart disease, epilepsy, spinal muscular atrophy and severe asthma.

BANNING EXCESS CREDIT CARD SURCHARGES

We’ve banned excessive credit card surcharges. This means businesses can now only surcharge what it actually costs them to process card payments.

HELPING FIRST HOME BUYERS

From 1 January 2020, the First Home Loan Deposit Scheme is available to help first home buyers.

It will help up to 10,000 first home buyers purchase a home faster, with better access to finance without having to save a 20% deposit.

This will help eligible first home owners to be able to buy a home years earlier.

To help older Australians (over 65) who want to downsize, we are now enabling them to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.

Information current as at February 2020