David Smith MP first community update of 2024.

Welcome to my first community update of 2024.

I hope you, your family and friends had an enjoyable summer break and festive season. Thank you to all of those people who worked hard over the holiday period to keep our cafes, restaurants, aged care homes, hospitals and other services open.

To all the families with kids going to school for the first time this past week – all the best for this exciting time. I wish all students a successful and productive 2024.

The start of 2024 has been busy for the Albanese Government, working to tackle the cost of living crisis raised with me regularly by my constituents.

From 1 July this year our government will deliver a tax cut for every taxpayer in Bean. That means 82,000 taxpayers in Bean will receive a tax cut, with 83 per cent of local taxpayers receiving a larger tax cut than under Scott Morrison’s Stage 3 tax cuts.

Our tax cuts are good for middle Australia, good for women, good for helping with cost-of-living pressures, good for labour supply and good for the economy. Importantly our frontline workers such as nurses, teachers, emergency service workers and aged care workers will all receive a larger tax cut.

From 1 July:

• All 13.6 million taxpayers will receive a tax cut – and 2.9 million more taxpayers will receive a tax cut compared to Morrison’s plan.
• 11.5 million taxpayers (84 per cent of taxpayers) will now receive a bigger tax cut compared to Morrison’s plan.
• 5.8 million women (90 per cent of women taxpayers) will now receive a bigger tax cut compared to Morrison’s plan.
• A person on an average income of around $73,000 will get a tax cut of $1,504 – that’s $804 more than they were going to receive under Morrison’s plan.
• A person earning $40,000 will get a tax cut of $654 – compared to nothing under Morrison’s plan.
• A person earning $100,000 will get a tax cut of $2,179 – $804 more than they would receive under Morrison’s plan.
• A person earning $200,000 will still get a tax cut, which will be $4,529.

In addition, the Government will increase the Medicare levy low-income thresholds for 2023-24. This will benefit more than a million Australians, ensuring people on lower incomes continue to pay a reduced levy rate or are exempt from the Medicare levy.

You can find out how much you will be getting under Labor’s tax cuts by visiting: www.treasury.gov.au/tax-cuts/calculator.

Our tax cuts come on top of the targeted and responsible cost-of-living relief that is being rolled out, including:

• Energy bill relief
• Cheaper medicines
• Cheaper child care
• Strengthening Medicare
• Higher income support payments; and
• The biggest boost to Rent Assistance in 30 years.

I wish you the best for 2024 and look forward to seeing you out and about throughout the year.

As always, if there is anything I can do to help, please contact my office on david.smith.mp@aph.gov.au, or 02 6293 1344.