Tax cuts: Stage 3 will stay, Resources Minister Madeleine King confirms

Labor’s Resources Minister Madeleine King has reaffirmed her party’s position on keeping stage three tax cuts despite budget pressure.

Ms King backed Treasurer Jim Chalmers comments that it was an election commitment to provide tax cuts to middle-to-high income earners, she told Sky News.

“I don‘t think the Treasurer is very savvy on this or shaky at all,” Ms King said.

“These stage three tax cuts are legislated.

“What I would say is obviously there’s a conversation going in the community.

“That’s okay to have an open discussion about that tax or any other tax, but right now, this government is not planning anything.”

On Friday, Anthony Albanese and Jim Chalmers said they had not dumped Labor’s election commitment but warned that fiscal and monetary policy must be balanced in ­response to global economic downturns and soaring inflation.

Opposition leader Peter Dutton weighed in on the issue saying it was a pivotal moment that will decide whether the Labor Party loses the nation’s trust.

“This is not about tax cut, but whether you can trust Anthony Albanese and the Labor Party, and they‘ve still got it seems in their back pocket the prospect or option to reverse the key promise they made at the last election,” Mr Dutton told ABC Insiders on Sunday.

“It would be an unforgivable and ridiculous mistake.”

Opposition treasury spokesman Angus Taylor also responded to the government’s comments saying higher taxes were absolutely “in (Labor’s) DNA”.

“Now the key to that is to have a strong economy, have a strong economy, strong incentives for Australia to get out there and have a go to crack and then they pay more tax,” Mr Taylor told Sky News on Sunday.

He said the prime minister had allowed the debate to run for weeks and needed to make a firm commitment.

“We need to see Anthony Albanese ruling out dropping the tax cuts,” he said.

“We‘re seeing extraordinary inflationary pressures right now. And we know with inflation, the average Australian pays a higher rate of tax.

“These tax reforms were designed very carefully to make sure there was an incentive for Australians to get out there to have a crack.”

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