Australia’s income tax take is set to soar to a record high this financial year with taxpayers to be slugged even more in the future despite the Albanese government’s stage three tax cuts. Fresh budget forecasts released on Tuesday night show Australians will again be flattened by record income taxContinue 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
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
Australia should prepare itself to mourn the death of the middle class as the once-famed land of opportunity and birthplace of a fair go transforms into a state where the only way to get ahead is to have rich parents. That’s the warning from economists, investment experts and social servicesContinue Reading
Australians who will miss out on generous tax cuts aren’t mostly wealthy company bosses or bankers, but ordinary hardworking tradies and small business owners, one economic commentator argues. Prime Minister Anthony Albanese today confirmed the government will water down Stage 3 tax cuts, taking money from those on higher incomesContinue Reading
Proceeding with “unfair” stage three tax cuts because it promised to at the last election is not a good reason to waste tens of billions of dollars on wealthier Aussies who don’t need it, one leading expert believes. After weeks of speculation, Prime Minister Anthony Albanese is set to announceContinue Reading
Chances are you’re about to get a fairly decent tax cut from the middle of the year, putting cash back in your pocket – that is, unless a concerted campaign by economists to claw it back succeeds. A long list of experts claim the third stage of major income taxContinue Reading
Sunrise host Natalie Barr has taken aim at the so-called “bracket creep” that’s ensnared hundreds of thousands more workers over recent years, as the prime minister faces mounting pressure to abandon planned reforms. Stage three tax cuts are due to take effect from July 1, abolishing the 37 per centContinue Reading
The growing reliance on personal income taxes to prop up government coffers is an “intergenerational tragedy”, former Treasury boss Ken Henry has claimed. Dr Henry, who authored the landmark Henry Review of Australia’s tax system that was commissioned by the first Rudd government, has implored Treasurer Jim Chalmers to embarkContinue Reading