Tax bonus eases pain of lockdown

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.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s