Federal politicians will pocket more than $18m over the next decade from the stage three tax cuts, with an immediate $2m boost to the pay packets of all 227 MPs and senators from 2024.
As parliament resumes on Monday for three days of sitting before budget week, the Greens have released new modelling from the parliamentary budget office that outlines the benefits set to flow to MPs as a result of the already legislated tax cuts.
The modelling shows that 227 parliamentarians, all of whom earn a base annual salary of at least $211,250, stand to benefit from an average tax cut of about $10,000 once the third stage of the package comes into effect from 2024-25, totalling $3.9m over the forward estimates and $18.6m over the decade.
The Greens have been ramping up pressure on the government over the measure, saying it should scrap the tax cuts that will cost $243bn over the decade and redirect the savings into free childcare, putting dental into Medicare, and affordable housing.
Anthony Albanese has said the government is standing by the controversial tax package, but has left open the possibility of making changes in line with its previously expressed concerns about the overwhelming benefits to high income earners.
The government will this week introduce legislation for its signature childcare policy, along with a bill for a new national anti-corruption commission which it hopes to legislate before the end of the year.
