“If you are a teacher or an nurse watching the show this morning and you earn $60,000 a year, you pay $2160 less tax compared to what you did back in 2017-18,” Mr Frydenberg said.
“This is a result of the tax cuts the Coalition has legislated. They focus on lower and middle income earners.”
Mr Frydenberg also said those people receiving the $9 billion in tax cuts would spend it and boost the economy.
“They’ll spend that money, helping to create jobs across the economy.”
Treasury figures showed that 94 per cent of the 1.3 million people who either lost their jobs or saw their working hours reduced to zero at the start of the pandemic are back at work, Mr Frydenberg said.
But some industry sectors – including the tourism industry – fear jobs will be at risk when the JobKeeper wage subsidy ends later this month.
Mr Frydenberg insisted that to leave it in place would damage employment prospects.
“JobKeeper was always meant to be be a temporary payment. It was always an emergency measure … If we leave it in place it will be counter productive, it will prevent the official allocation of workers to different roles across the economy.”
Mr Frydenberg will outline the Federal Government’s economic recovery plan for households and businesses after the pandemic in a speech to the Business Council of Australia later today.
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