STATEMENTS BY SENATORS

Senator McDONALD (Queensland—Deputy Leader of the Nationals in the Senate) (13:30): Australians are working harder, paying more for everything and paying more tax. Still, for the Albanese Labor government, it is never enough. The latest ABS government finance statistics show Commonwealth tax revenue increased by a staggering $44.8 billion in just one year.

Personal income tax revenue alone jumped nine per cent—or an extra $28.5 billion taken from Australian taxpayers. In fact, The Australian today reports that Jim Chalmers is forecast by the Treasury to become the biggest income taxing treasurer as a share of GDP in history, hitting 18.6— The ACTING DEPUTY PRESIDENT ( Senator Polley ): Senator McDonald, I will remind you to use the correct title of those in the other place.

Senator McDONALD: T he Australian today reports that Treasurer Chalmers is forecast by the Treasury to become the biggest income taxing treasurer as a share of GDP in history, hitting 18.6 per cent this financial year. Australians are handing over tens of billions of dollars more, but it is never enough for Labor. They want more of your money—higher capital gains tax, trusts, changes to negative gearing, bracket creep quietly taking a bigger share of wages.

Labor's toxic taxes are what happens when a government cannot control its spending. With that enormous increase in revenue, Commonwealth expenses increased $2.9 billion for employee expenses and $13.5 billion for Commonwealth social benefits. While Australians are having to tighten their belts, Labor's answer is to reach deeper into your pockets.

The coalition has a different plan. We will cut Labor's toxic taxes. We will have lower taxes, reward hard work, back small business and restore aspiration.

We will protect our way of life and restore our standard of living, and Australians will keep more of what they earn. (Time expired)