The government will halve the stage 3 tax cuts for the highest earners and use the money to deliver an $804 tax cut across the board.
The prime minister will tell press club the reversal was motivated by changing economic circumstances.
I will get some benefit from this, which is great 👍🏻
I lost out with these changes, but I also agree it’s great!
Robbing Peter to pay Paul. We have a budget surplus ….
Comm bank gotta make its 10.2b every 12 months or mum and dads to broke 🤷🏻♂️
This is the best summary I could come up with:
Prime Minister Anthony Albanese is expected to confirm the details of the biggest policy shift in his government’s first term when he addresses the National Press Club on Thursday.
But Mr Albanese will tell the press club the reversal was motivated by changing economic circumstances, citing Treasury advice that the legislated cuts no longer make sense in a high-inflation environment.
Back then, the Labor opposition supported the first two stages of the Coalition’s plan, which gave low- and middle-income earners a permanent tax cut of up to $1,080 a year.
Mr Albanese will also argue his plan is more responsible, citing Treasury advice that the changes will not add to inflation, will encourage people to work more, and will have minimal impact on the budget bottom line.
Shadow Treasurer Angus Taylor has accused the government of “the mother of all broken promises” and of declaring “class warfare” on higher earners.
Speaking before the full details of the changes were known, Deputy Liberal leader Sussan Ley said there was “no way in the world” the Coalition would support what she called “an attack on aspirational Australians.”
The original article contains 679 words, the summary contains 185 words. Saved 73%. I’m a bot and I’m open source!
