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
A “modest budget” that will offer targeted cost-of-living relief but not make a bad situation worse – that’s what Treasurer Jim Chalmers is gearing up to hand down on Tuesday. A year on from taking office, and with inflation still running too high, the Albanese government has to walk aContinue Reading
Australians with superannuation balances over $3 million face a bigger tax rate in a few years time but there is one figure when it comes to retirement funds that should alarm people. The typical woman is nearing retirement with almost $50,000 less than men in their superannuation pot, while womenContinue Reading
An outdated law is the key reason workers have been underpaid a staggering $33 billion over seven years, which has also resulted in an average of $4.7 billion lost in unpaid super each year with calls for a crackdown on the issue. Industry Super Australia (ISA) is calling for theContinue Reading