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A Fairer Deal: Understanding the New Cost of Living Tax Cuts

A Boost for Those Who Need It Most

You've probably heard about the new tax plan, but what does it really mean for you? In simple terms, it's a 'cost-of-living bonus.' This isn't just another policy change; it's a significant shift towards supporting those who often feel the weight of economic pressures the most.

Out With the Old, In With the Fair

Under the previous Morrison tax plan, the biggest slices of the pie were going to the top 10% of earners. That didn't sit right with many of us. Why? Because a fair system should benefit all, not just a few. This new plan changes that – it's a win for every Australian worker.

At a time when our household budgets are under extreme pressure, and workers are worried about putting food on the table and paying bills, these changes will make a real difference to living standards.

Use this calculator to work out how much your cost-of-living bonus will be – all you need to know is how much you earn per year.



Real Numbers, Real Impact

Let's talk real-life examples:

  • A retail worker earning $45,000 will now see a tax cut of $804.
  • Nurses, earning $80,000 will benefit from a $1,679 tax cut.
  • Public Servants making around $100,000 get a $2,179 cut.
  • And if you're earning the median income of $63,500? Expect a $1,498 reduction in your taxes.

The Tax-plan Key Takeaways

  • Everyone benefits, with all workers paying less tax than before.
  • A whopping 84% of workers will see a larger tax cut compared to the old plan.
  • 90% of women workers are set to benefit more under this new system.
  • A worker earning $72,753 will save $1,498 in taxes, which is $804 more than what the Morrison plan offered.
  • Those on the minimum wage will see an additional $15 weekly, a significant increase from the previous 44 cents.
  • Even high-income earners, those making over $200,000, will see a cut of $4,529.

Why This Matters?

In times where every penny counts, these changes are not just numbers on a paper; they're about real people facing real challenges. It's about making life a little easier for the majority of Australians who are navigating through the cost-of-living crisis.

Integrity and Inflation: The Bigger Picture

At the heart of these changes is a commitment to integrity and the best interests of the people and our economy. This plan is not just about immediate relief; it's about building a stronger, fairer economy for all.

A Final Thought

It's more than just tax cuts; it's about recognising the value of hard work and the need for a fair and supportive system. As union members, we understand the power of standing together and fighting for what's fair. Let's embrace these changes as a step towards a more equitable future.

Stay Informed, Stay United

Remember, knowledge is power. Stay informed about these changes, and let's continue to stand together for fairness, respect, and dignity in our work lives.