Shorten: Labor will reverse penalty rate cuts and hike taxes for the rich

Bill Shorten says a Labor government would reverse penalty rate cuts and hike taxes for the well-off within 100 days of taking office.

Opposition Leader Bill Shorten

Opposition Leader Bill Shorten Source: AAP

Bill Shorten has promised to reverse cuts to penalty rates and raise taxes for the highest-paid Australians within 100 days of being elected.

The federal Labor leader made the pledge at a state party conference in Tasmania on Saturday, the eve of the one-year anniversary of Malcolm Turnbull's narrow election victory.

He said a Labor government would reinstate the two per cent deficit levy for people who earn more than $180,000 a year, which ended on Friday.

It would also restore penalty rates, which have been slashed from this weekend following a Fair Work Commission decision.

"If we form a government at the next election, within 100 days we will reverse the tax cuts for millionaires and we will reverse the penalty cuts for workers in this country," he told the crowd in George Town.

Mr Shorten also reiterated his pledge to exempt people earning less than $87,000 from a Medicare levy increase, which the Turnbull government will use to fund the National Disability Insurance Scheme.

"The Labor Party is not going to stand by and see working class people who don't earn a lot of money be asked to pay more tax when there are other ways to fund necessary commitments," he said.

Labor could add $125 billion to the budget bottom line over the next decade by abolishing tax cuts for large corporations, changing rules around negative gearing, capital gains tax concessions, and other tax deductions.

"Guess what? It doesn't involve making working people in this country pay more tax, Mr Turnbull."

The opposition leader also committed to having at least one apprentice for every 10 people working on Commonwealth-funded infrastructure projects.

Mr Shorten derided the coalition for being out-of-touch and working for the top end of town, while lauding the Labor movement for standing up for the community.


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Source: AAP

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