Today I have released the 2023‑24 Tax Expenditures and Insights Statement.
This statement which is released annually offers a detailed picture of how features of our tax system affect individuals, businesses and other entities, as well as the pressures they place on the budget.
The Tax Expenditures and Insights Statement is a requirement under the Charter of Budget Honesty – it’s not a statement of policy intent.
It reflects policy decisions up to and including the 2023‑24 Mid‑Year Economic and Fiscal Outlook.
We understand that Australians are under pressure and that’s why our focus is on rolling out billions of dollars of cost‑of‑living relief in a way that doesn’t add to inflation, including our plan to deliver a tax cut to every Australian taxpayer from 1 July.
The Albanese Government already has a substantial tax reform agenda, including our plan for bigger tax cuts for middle Australia, improving tax compliance, ensuring multinationals pay a fairer share of tax, our changes to taxation of high balance super funds, our changes to the PRRT, and tax incentives to support small business and encourage investment in important areas like housing and clean energy.
We’re giving bigger tax cuts to more Australians to help with the cost of living, while making our tax system better and fairer.
