With Labor’s National Conference kicking-off in Adelaide, here are the radical policies up for debate today that will lead to higher taxes, hurt our farmers, slash jobs and slow down our economy.
Labor says: ‘It considers that the Coalition’s arbitrary cap on the proportion of tax collected to GDP does not fulfil any useful economic purpose.’ Page 27- Labor National Platform – Final Draft
What it really means: Labor is walking away from a tax-to-GDP cap they used to support. By taking off the tax handbrake we’ve put in place they will slug you and your businesses with $200 billion worth of extra taxes.
Labor says: It ‘will close down loopholes such as those associated with taxation of discretionary trusts and reform negative gearing and the capital gains tax discount…’ Page 28 – Labor National Platform – Final Draft
What it really means: Labor will scrap negative gearing, meaning if you own your own home, it will be worth less, and if you are renting you will pay more. Labor’s housing tax could hit 1.3 million Australians who negatively gear their property across every state and territory, two thirds of whom are mum and dad investors with an income of $80,000 or less, as well as the seven million Australians in rental properties.
Labor says: It ‘will lower the annual non-concessional contributions cap to $75,000 and lower the High Income Superannuation Contribution threshold to $200,000. Labor will also remove the catch-up concessional contributions and tax deductibility for personal superannuation contributions introduced by the Coalition.’ Page 15 – Labor National Platform – Final Draft
What it really means: Labor wants to increase taxes on superannuation and remove a measure designed specifically to help women and others taking work breaks to make up for time not earning super.
Labor says: ‘We will always ensure Australia’s post-retirement income system is strong and sustainable, giving older Australians the financial support and security they deserve.’ Page 89 – Labor National Platform – Final Draft
What it really means: Labor will raid the pockets of senior Australians by taking billions more tax. Under Labor’s retiree tax, most retirees or anyone on an income below $37,000 will lose their share dividend refund. For the 900,000 Australians hit, this is worth around $2,200 a year for each individual.
Labor says: It will ‘Adopt post-2020 pollution reduction targets, including to reduce national carbon emissions by 45 percent off 2005 levels by 2030, consistent with doing Australia’s fair share in keep global warming well below 2 degrees Celsius.’ Page 63 – Labor National Platform – Final Draft
What it really means: Labor have all but confirmed they will introduce a new carbon tax, and you’ll have even higher electricity bills. Bill Shorten needs to come clean today and tell Australians how much his Carbon Tax 2.0 will cost families, businesses and the economy.
Labor says: It ‘will create a land clearing trigger in the Environment Protection and Biodiversity Act 1999 and/or successor framework, in the context of a comprehensive response to land clearing and climate change.’ Page 66 – Labor National Platform – Final Draft
What it really means: Labor will bog down Australian farmers in unprecedented new federal environmental regulations. Land clearing is already regulated by the states – farmers don’t need bureaucrats in Canberra telling them how to manage their land or whether they can chop down a tree on their property.
You can be assured the Liberal-National Government won’t let Labor’s higher taxing and economy wrecking policies fly under the radar. Jobs will be under threat while taxes and cost of living pressures skyrocket under a Shorten Labor Government. With our economy growing strongly and jobs growth at record levels Australia simply can’t afford Labor’s policies.