Greens leader David Shoebridge proposes $22bn tax and welfare package

Greens leader David Shoebridge has unveiled a $22 billion policy proposal aimed at providing cost-of-living relief to Australians. The plan involves raising the tax-free threshold from $18,200 to $26,000, which would result in a tax cut of up to $1,092 per year—approximately $21 per week—for most personal income taxpayers.

The proposal also includes a $1,092 annual increase to various income support payments, including the Age Pension, JobSeeker, and student and carer payments. Shoebridge intends to fund the package by increasing taxes on mining and gas companies.

According to the Parliamentary Budget Office (PBO), the combined package would reduce underlying cash and fiscal balances by $65.1 billion over the forward estimates and $234.55 billion over the next decade. Additionally, borrowing to support the initiative could add up to $61.3 billion in public debt interest over a 10-year period.