Prime Minister Anthony Albanese commits to stage three tax cuts despite criticism
Prime Minister Anthony Albanese says the stage three tax cuts are here to stay, despite growing calls for the measures to be scrapped for other cost of living relief measures.
* The tax cuts were unveiled by the former coalition government in the 2019 federal budget.
* The stage three tax cuts are due to come into effect on July 1, 2024.
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By continuing you agree to our Terms and Privacy Policy.* As part of the tax cuts, there will be a single tax rate of 30 per cent for all earners between $45,000 and $200,000.
* A tax bracket of 37 per cent for those earning between $120,000 and $180,000 a year has been abolished.
* The stage three tax cuts have been criticised for delivering larger cuts for those earning more than $200,000 annually, compared to those on lower incomes.
* The cost of the tax cuts has also come under fire, with the change expected to reduce government revenue by about $69 billion over the next four years.
* Labor went to the last federal election promising to keep the stage three tax cuts legislated by the previous government in place.
*The government has come under fire for not scrapping the tax cuts and using other methods to provide cost of living relief at a time of high inflation and rising interest rates.
* The prime minister said on Monday the government’s position had not changed, and that it was looking at other ways to address inequality.
