Treasurer Jim Chalmers has ramped up his sell of Labor’s revamped tax cuts, releasing fresh analysis showing families are expected to pocket an average tax cut worth more than $3000 next financial year. The intervention comes as Opposition Leader Peter Dutton sharpened his attacks against Labor on Saturday, accusing theContinue Reading
The Treasurer is hiding a dirty secret in the budget that’s so X-rated it’s not even available in a personal income tax cut sealed section. And let’s just say it involves having something done to you that sounds good in the short-term, but may not prove quite so enjoyable overContinue Reading
The Reserve Bank could deliver a rate cut by Christmas if fresh inflation forecasts from the federal budget prove correct, but billions of dollars of additional spending unveiled by Treasurer Jim Chalmers on Tuesday evening could risk stoking price pressures. Updated inflation forecasts show consumer price growth could return withinContinue Reading
Sticking to the planned rollout of the Albanese government’s stage three tax cuts risks further fuelling inflation, making the RBA’s job more difficult, and their delay should be considered, leading economists have cautioned. Amid resurgent price pressures, Labor’s tax cuts which commence on July 1 will pump billions of dollarsContinue Reading
Treasurer Jim Chalmers is all but assured of delivering back-to-back surpluses, with new figures showing thumping revenue flows and tightened federal purse strings are set to keep the budget in the black. The figures, released by the Department of Finance on Friday, showed the 2023-24 underlying cash balance to theContinue Reading
Australians’ personal income tax burden, already among the highest in the world, grew faster than any other advanced economy last year, as bracket creep fuelled record Commonwealth tax collections. According to a fresh report published by the Organisation for Economic Co-Operation and Development (OECD) on Thursday evening, a single, averageContinue Reading
Investment property owners across Australia can breathe a momentary sigh of relief after Jim Chalmers doubled down on his vow to not scrap negative gearing. Addressing concerns that Labor would make changes to investment property tax after switching up its position on stage 3 tax cuts in January, Dr ChalmersContinue Reading
An advertisement for a financial product running on social media offers a stark look at the uncertain future facing millions of Australians – some of whom have only just been born. Mutual fund Australian Unity is running promoted posts across Instagram for its long-term investment bond, 10Invest, marketing it specificallyContinue Reading
The Treasurer did not ask public servants to overhaul the stage 3 tax cuts, rather the department came up with the idea, an inquiry into cost-of-living has been told. Senior public servants from the departments of Treasury and finance were on Monday grilled over the timeline of the Albanese government’sContinue Reading
A key independent says both major parties need to take an ambitious plan on tax reform to the next election with “everything on the table”, warning that otherwise Australia will fall behind. Teal independent MP Allegra Spender’s call follows the Albanese government’s decision to rewrite stage 3 tax cuts, andContinue Reading