Shadow Treasurer asks why the government offered tax credits for billionaires

Treasurer Jim Chalmers responds to claims the Labor government is spending $13.5 billion on tax credits for billionaires while everyday Australians are battling the cost of living crisis. “Spare us the faux outrage, spare us the faux class warfare,” Mr Chalmers said during Question Time on Wednesday. “First of all, I remind those again I remind those opposite that they called for an election over the changes to the tax cut, which provided a tax cut to every taxpayer.” “Secondly, I haven’t been here that long, Mr Speaker; I’ve been here long enough to remember when they used to believe in tax breaks to incentivize business investment, but they seem to have turned their back on that.”