Treasurer Jim Chalmers has confirmed that the federal government will not implement any new taxes in this year’s budget, maintaining a primary focus on alleviating cost-of-living pressures. During a press conference, Chalmers dismissed speculation about new tax measures, stating that the government is concentrating on previously announced tax changes, particularly modifications to superannuation tax concessions for those with higher balances.
Meanwhile, Opposition Leader Peter Dutton has proposed a tax deduction of up to $20,000 for businesses with a turnover of less than $10 million for entertainment expenses, claiming it will help tackle cost-of-living challenges if the Coalition wins the upcoming election. Chalmers questioned the financial viability of Dutton’s policy, suggesting that the Coalition has not provided clear answers regarding its costs.
Chalmers highlighted the contrasting approaches of the Labor Party and the Coalition, emphasising that Labor prioritises support for workers and their needs, while criticizing Dutton’s proposal as an example of excessive spending on “taxpayer-funded long lunches.” Dutton reassured that detailed costings for his proposal would be shared in due course, maintaining that it represents an efficient use of taxpayer money.