Australians are getting “real and substantial” tax cuts to help with cost-of-living pressures as a suite of new changes kick in.
Stage three tax cuts have come into effect, providing the average taxpayer with a benefit of $1888 a year, or $36 a week.
Prime Minister Anthony Albanese is spruiking the the tax cuts amid concerns the extra cash in people’s pockets will add to persistent inflation.
“I’m confident that this is real and substantial assistance whilst being responsible,” he told ABC radio on Monday.
“We have almost halved inflation and that’s because of the discipline that we have shown in budget policy, where we have brought inflation down and where we have continued to make a difference.”
Treasurer Jim Chalmers said changes to tax brackets meant the government was returning money to taxpayers lost through bracket creep.
“I am personally, and we are collectively very proud of the changes that we put in place,” he told reporters in Canberra.
“It is tax reform … it gets average tax rates down and that’s been a big motivation for what we’re rolling out.”
Other changes enacted in the new financial year include a rise in the superannuation guarantee rate to 11.5 per cent, cheaper medicines and energy rebates.
A world-first ban on manufactured stone is being hailed as a momentous day for Australian workers which will prevent “senseless deaths”.
Engineered stone commonly used in kitchen benchtops left workers who used the product at risk of developing the incurable and deadly lung disease silicosis.
A nationwide ban came into effect on Monday after federal, state and territory workplace ministers reached an agreement in December.
“Our union has stopped the asbestos of the 2020s in its tracks,” CFMEU national secretary Zach Smith said.
“This ban will save lives and protect workers’ families and friends from enduring more senseless deaths.”
The CFMEU claimed credit for bringing about the ban, saying it was the direct result of a national pressure campaign that targeted suppliers like Bunnings.
Almost 600,000 workers were potentially being exposed to the silica dust contained in engineered stone, according to a Lung Foundation Australia estimate in 2023.
Mr Smith highlighted the advocacy work of Kyle Godwin, a former stonemason who was diagnosed with silicosis at 33 after years of cutting engineered stone benchtops and was the face of CFMEU’s advertising blitz.
“No individual deserves more credit,” Mr Smith said.
“While this is undoubtedly a day to celebrate, I want to send a clear warning that the CFMEU will be watching like hawks for any company, employer or individual trying to get around this ban.”
A company behind the installation of benchtops in homes throughout NSW in May became the first in the state found guilty of a health and safety breach involving silica dust.
Edstein Creative, a stone supplier operating out of northern NSW, was fined $375,000.
The federal government is also cracking down on vapes, restricting their sale to adults at pharmacies.
