The Australian Greens have released costings from the Parliamentary Budget Office on the cost of bringing forward income tax cuts.
The costings of four scenarios show that the cuts would cost up $28 billion, in addition to baking in an ongoing budget burden of tens of billions every year.
“In the middle of a recession, public money should be spent on job-creating public investment, not on fast-tracking tax cuts for millionaires,” said Greens Leader, Adam Bandt.
“This is trickle-down fantasy Reaganomics from the Liberal Party, and Labor is gearing up to join in this Thatcherite assault on the public good.
“Tax cuts won’t create jobs. Tax cuts mean cuts to services and less money to spend on nation-building, job-creating, planet-saving projects.
“A tax cut is no good if you don’t have a job. Fast-tracking tax cuts to millionaires is an insult to everyone who has lost their job in this pandemic.
“The Liberals are channelling Reagan and Thatcher and Labor is gearing up to join them.”
“Labor joined the Liberals to legislate these tax cuts to millionaires, but they should join the Greens in blocking the fast-tracking of tax cuts.
“We should put $28b towards building 500,000 new public housing units to create 40,000 jobs and 4,000 apprenticeships while tackling homelessness.
“We’re in the middle of a recession and public investment is needed to get us out of it. We can’t cut our way back to full employment. Labor should stop playing austerity footsies with the Liberals and instead join the Greens to block these fast-tracked tax cuts.
“Now is the time to hit pause on all of these unsustainable tax cuts and instead invest the money in public housing, sustainable infrastructure & free childcare," Bandt said.