• Increasing the personal income tax thresholds for the bottom three income tax rates - Increasing PIT thresholds reduces income tax for people receiving over $14,000 of income per annum. The current thresholds have been the same since 2010. 10.5% ~ 0 - 14,000 ----> 0 - 15,600 17.5% ~14,001 - 48,000 ----> 15,601 - 53,500 30% ~ 48,001 - 70,000 ----> 53,501 - 78,100 33% ~ 70,001 - 180,000 ----> 78,101 - 180,000 • Extending the Independent Earner Tax Credit - Currently people who earn between $24,000 and $48,000 are eligible for the IETC credit. This is being increased to people within $24,000 and $70,000. • Increasing the In-Work Tax Credit (IWTC) and the Minimum Family Tax Credit (MFTC) - The IWTC is a tax credit for families with dependent children who are normally in paid work. The increase of $50 per fortnight (which gradually reduces as family income rises) will further support low-to-middle-income families. The MFTC tops up the after-tax income of around 3,000 eligible low‑income working families to a guaranteed minimum amount. This guaranteed minimum will be increased slightly to allow MFTC recipients to benefit from the PIT changes (on top of the full $50 per fortnight IWTC increase). • Introducing FamilyBoost which supports households with the cost of early childhood education - The new FamilyBoost payment will help an estimated 100,000 families with young children meet the costs of early childhood education (ECE). From 1 July 2024, parents and caregivers will be eligible for a partial reimbursement of their ECE fees, up to a maximum fortnightly payment of $150. Reimbursements will be made quarterly, as a lump sum. The first payments will therefore be made from October. Parents and caregivers can get back up to 25 per cent of their ECE fees, after the 20 Hours ECE and MSD Childcare Subsidy have been taken into account, up to the $150 maximum.