1 week Ago By Christopher Harris, Roy Ward
Deputy Prime Minister Richard Marles has declined to endorse the Coalition’s $1200 tax offset proposal to be unveiled at the opposition’s campaign launch in Sydney later today. Without explicitly ruling out Labor’s support for the idea, Marles criticised the pledge in a Sunday morning interview on Sky News. Marles said the Coalition was making up policy on the run Credit: Hamish Hastie “Australians would have a right to feel a sense of cynicism about this policy, particularly in light of the position the Coalition took to our tax cuts,” Marles said, referring to Labor’s “top-up” tax cut announced in the May budget.
Marles said the Coalition was making up policy on the run.“They are all over the place.” The Coalition has said taxpayers earning between $48,000 and $104,000 will receive a $1200 offset on next year’s tax return.
As Matthew Knott and Paul Sakkal reported, the plan would be limited to a single year, like the Coalition’s pledge to cut petrol excise by 25¢ a litre – will be tapered so that taxpayers earning below $48,000 and between $104,000 and $144,000 a year receive a smaller offset. Peter Dutton on the campaign trail yesterday. Credit: James Brickwood “Families are getting smashed under the Albanese government and they need help now,” Dutton said in a statement ahead of the Coalition’s campaign launch in western Sydney.
“Our cost-of-living tax offset will put more money back into the pockets of millions of Australians at a time when they’re being crushed by skyrocketing grocery bills, rent, mortgage repayments and insurance costs.” You can read more about the plan here. One of Labor’s signature policies announced overnight was to remove income caps for its 5 per cent deposit scheme for first home buyers.
The current scheme is limited to 35,000 people a year and available only to singles earning under $125,000 a year or couples on a combined income of $200,000. Under the expanded scheme announced by Labor, someone who wanted to buy a $1 million apartment would need a $50,000 deposit. Labor says it is going to reserve some newly built homes just for first home buyers.
Credit: Luis Enrique Ascui A single person would need to earn about $214,000 a year to be able to comfortably service the mortgage for the remaining $950,000, according to the Commonwealth Bank mortgage calculator. Labor says higher property price limits and no caps on places or income will mean more people will be able to purchase a house. A press release spruiking the announcement also said some new homes would be reserved for first home buyers.
“We know the long-term fix to housing is to build more homes,” a Labor media release said. “That’s why the Albanese Government will also invest $10 billion to partner with state developers and industry, to build up to 100,000 homes – with these homes reserved for sale only to first home buyers.” Hi good morning and welcome to our coverage of the federal election campaign.
Labor and the Coalition have both made some big announcements overnight and both parties will officially launch their campaigns later today. Prime Minister Anthony Albanese on the campaign trail in Western Australia yesterday. Credit: Alex Ellinghausen So it will be a busy day and our team of reporters will be here to bring you all the action, insights and coverage.
This morning we have heard Labor’s plan to give all first home buyers access to 5 per cent deposits while the Coalition has offered one-off tax cuts of up to $1200..
