Ms BYRNES (Cunningham) (12:09): Today is a long-awaited 1 July. From today many of our cost-of-living measures come into effect, meaning Australians are going to earn more and keep more of what they earn. From today, Labor is delivering a tax cut for every Australian taxpayer, taking $300 off power bills for each household, freezing the cost of PBS medicines, delivering a pay rise for 2.6 million Australians and providing two more weeks of paid parental leave.
Today, the Albanese Labor government is delivering a tax cut for every Australian taxpayer. That's 13.6 million hardworking Australians, including 72,000 people in my electorate of Cunningham, and 60,000 of those will be getting a bigger pay packet and paying less tax. Our tax cuts will provide greater relief to low- and middle-income taxpayers. That means that 2.6 million Australians on minimum and award wages, who are also receiving a wage increase today, will now share in the benefits of these tax cuts. Under Scott Morrison's plans, these workers would have received zero tax cuts.
We are providing 98 per cent of young Australian taxpayers with a bigger tax cut under these changes, in addition to cutting $3 billion in student debt and introducing paid prac placements. Childcare workers, nurses, teachers, disability carers and aged-care workers are some of the most likely to benefit, with more than 95 per cent of these workers receiving a bigger tax cut from today.
Women contribute significantly to our economy through their hard work, and the Albanese Labor government wants to ensure that they retain a larger portion of their hard earned money. These tax cuts will help women better tackle the everyday challenges and cost-of-living pressures that they face. This will mean that 90 per cent of women taxpayers will be retaining, on average, an additional $707 per year compared with the previously legislated tax cuts.
We are also supporting new parents with an additional two weeks of paid parental leave today, with greater flexibility between caregivers. This brings the total to 22 weeks and builds on our changes that commenced in July last year to give more families access to the payment by widening eligibility on household income.
With every Australian taxpayer receiving a tax cut today, every Australian household will be getting help with their energy bill. We're providing $3.5 billion in energy relief for all Australian households and one million eligible small businesses. From today, more than 10 million households will receive a total rebate of $300 and eligible small businesses will receive $325 on their electricity bills.
Today's measures provide targeted relief for every household, but we know there's more work to do. We will continue working hard every day to relieve pressure on Australian families.
