No new taxes in this year's federal budget, Chalmers says

Wednesday, 22 January 2025 15:58

Treasurer Jim Chalmers said the Labor Party won't bring any new taxes into this year's federal budget, reiterating the focus will again be on cost of living relief.

Treasurer Jim Chalmers said the federal government won't introduce any new taxes during this year's federal budget, reiterating the focus will once again be on cost of living relief.

Chalmers dispelled the suggestion when he was questioned about new tax policies at a press conference this morning.

"No, our focus is on the tax changes that we've already announced, that we're already either legislated or trying to legislate," he said.

Treasurer Jim Chalmers said the Labor Party won't bring any new taxes into this year's federal election, reiterating the focus will again be on cost of living relief.

"The focus for us right now is making the very generous superannuation tax concessions for people with high balances, still generous, but less generous.

"We've made another number of other changes, but we've made it clear that when it comes to the budget, our priority is cost of living relief."

Opposition Leader Peter Dutton made his own tax announcement over the weekend, saying businesses with less than $10 million in turnover will get access to a tax deduction of up to $20,000 for staff or client lunches and entertainment if the Coalition is elected at the upcoming federal election.

He said it will address cost-of-living pressures.

Chalmers had strong words for the uncosted policy and questioned how Dutton planned to pay for it, saying that the Coalition couldn't "answer the most basic questions".

13th December 2024 Opposition Leader Peter Dutton speaking to media in Brisbane. photo: Glenn Hunt / The Sydney Morning Herald

"Nothing could speak to the difference between the Labor and the Coalition more effectively than the absolute farce which is Peter Dutton's long lunch policy," he said.

"This again goes to the very stark contrast and the big choice we'll be asking Australians to make later this year.

"Anthony Albanese and Labor are for workers and trainees and tradies and Peter Dutton and the Coalition are for taxpayer-funded long lunches and that goes directly to the difference and to the choice between the two major parties contesting the election this year."

Dutton said the costings will be released in due course.

"We actually think it's quite an efficient spend of taxpayers' money," he said at a press conference this morning.

The date of the federal election has not yet been announced but must be held by May 17.

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