this post was submitted on 22 Jan 2024
34 points (97.2% liked)

Australia

3582 readers
245 users here now

A place to discuss Australia and important Australian issues.

Before you post:

If you're posting anything related to:

If you're posting Australian News (not opinion or discussion pieces) post it to Australian News

Rules

This community is run under the rules of aussie.zone. In addition to those rules:

Banner Photo

Congratulations to @[email protected] who had the most upvoted submission to our banner photo competition

Recommended and Related Communities

Be sure to check out and subscribe to our related communities on aussie.zone:

Plus other communities for sport and major cities.

https://aussie.zone/communities

Moderation

Since Kbin doesn't show Lemmy Moderators, I'll list them here. Also note that Kbin does not distinguish moderator comments.

Additionally, we have our instance admins: @[email protected] and @[email protected]

founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 1 points 9 months ago

This is the best summary I could come up with:


Prime Minister Anthony Albanese has given the strongest indication yet that the stage 3 tax cuts will be expanded to benefit lower-income earners.

Independent economist Chris Richardson suggested the threshold could increase from $18,200 to $19,500 using the money saved at the top, delivering an across-the-board tax cut of $247 a year.

Acting Greens leader Mehreen Faruqi on Monday wrote to Treasurer Jim Chalmers to repeat calls to ditch the cuts, highlighting new analysis by the independent Parliamentary Budget Office showing three-quarters of the benefit would go to the top fifth of income earners.

Angela Jackson, lead economist at Impact Economics, said the reported alternative would make the cuts "fairer and more equitable and importantly increase incentives to work at the lower end where the most gains are to be had".

"From a labour force participation point of view, lowering the top marginal rate will have minimal impact because those workers are generally already working full time," Dr Jackson said.

"However lifting the tax-free threshold lowers the marginal tax rates of low-income and part-time workers, increasing the rewards from an extra hour of work."


The original article contains 703 words, the summary contains 184 words. Saved 74%. I'm a bot and I'm open source!