The tax debate has been raging across Australia for more than a year.
Labor and the Coalition have similar plans in the short-term, but what is proposed to happen after the next two elections paints a different picture.
Prime Minister Scott Morrison insists his plan is to lower taxes "not just today but into the future".
But Labor leader Bill Shorten thinks the Coalition's plan "does not do enough" for the 2.9 million Australians who earn less than $40,000 per year.
The campaign rhetoric has left many voters unsure what the differences are between the parties' plans.
This chart, prepared with assistance from the Grattan Institute, highlights the likely changes to income tax bills depending on who wins the election.
Notes
The change in tax paid for those on incomes below $20,000 per year is very low and therefore this income bracket has been excluded in order to simplify the chart.
The lead-in time of the Coalition's policy is unusual. Budgets only plan in detail four years in advance, but the Coalition's tax plan promises major reform beyond the timeframe of the budget estimates.
Labor, if it wins one of the three elections set down for the next decade, is likely to propose its own tax reform. It is not likely to do so before the election however, so this chart compares Labor's announced policy to the Coalition's.
Incomes are set to increase in coming years, meaning the income ranges for each category also increase. These changes are provided below. "k" denotes "thousands".
| Year | Income brackets | |||
| 2021-22 | $21k to $40k | $40k to $61k | $61k to $96k | Over $96k |
| 2024-25 | $23k to $44k | $44k to $67k | $67k to $106k | Over $106k |
| 2029-30 | $26k to $50k | $50k to $78k | $78k to $124k | Over $124k |
Change in tax paid
Data is provided here for vision-impaired readers.
Values are averages for change in tax paid for each income bracket at each point in time.
| Income brackets | ||||
| Year (Party) | $21k to $40k | $40k to $61k | $61k to $96k | Over $96k |
| 2021-22 (Coalition) | -$242 | -$953 | -$1,090 | -$359 |
| 2021-22 (Labor) | -$321 | -$967 | -$1,090 | $349 |
| 2024-25 (Coalition) | -$338 | -$1,314 | -$2,215 | -$7,251 |
| 2024-25 (Labor) | -$386 | -$1,047 | -$1,055 | $645 |
| 2029-30 (Coalition) | -$555 | -$1,534 | -$2,977 | -$8,661 |
| 2029-30 (Labor) | -$552 | -$1,078 | -$861 | $1,132 |
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