Original article by Sid Maher, Patrick Commins
The Australian – Page: 1 & 5 : 11-Jan-21
Treasurer Josh Frydenberg says the federal government delivered some $7bn worth of tax cuts to Australian workers in the second half of 2020. This includes about $1.1bn under the stage-two tax cuts and $5.9bn via the Low and Middle Income Tax Offset. Treasury estimates that the tax cuts will boost GDP by around $3.5bn in 2020-21. The tax relief is likely to have contributed to a surge in retail spending during the half-year, despite the impact of COVID-19 lockdown restrictions. Citigroup expects consumer spending to have risen by seven per cent in November, with data to be released on 11 January.
AUSTRALIA. DEPT OF THE TREASURY, CITIGROUP PTY LTD