Original article by Patrick Commins, Geoff Chambers, Geoff Chambers
The Australian – Page: 1 & 4 : 14-Feb-24

Analysis suggests that essential workers will benefit in the short-term from the federal government’s changes to the legislated stage-three tax cuts. However, so-called ‘bracket creep’ means that many middle-income earners will be paying more tax in 10 years’ time. They include school principals, police officers, electricians and paramedics. Meanwhile, a report from S&P Global has concluded that the government’s changes could be "marginally" more inflationary than the original version of the package, given that they will return more money to low- and middle-income earners.

CORPORATES
S&P GLOBAL INCORPORATED

Original article by Rosie Lewis, Jess Malcolm, Sarah Ison
The Australian – Page: 1 & 4 : 30-Jan-24

Shadow cabinet ministers will meet on Tuesday to discuss the federal government’s proposed changes to the legislated stage-three tax cuts. Senior sources within the Liberal Party have suggested that the Coalition will seek amendments to Labor’s legislation but is unlikely to vote against it. Judo Bank’s chief economic adviser Warren Hogan said it would be hard for the Coalition to oppose Labor’s tax changes, although he says it could pursue the ‘reform element’ of the original income tax cuts package ahead of the next election.

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AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, JUDO BANK PTY LTD

Original article by Phillip Coorey, Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 24-Jan-24

The federal government is set to break a key election pledge by making changes to the legislated stage-three personal income tax cuts. The proposed changes were discussed at a cabinet meeting on Tuesday, and will be endorsed by Labor’s caucus on Wednesday. Amongst other things, the government is expected to retain the 37 per cent income tax rate that was to have been abolished in July, although the current income threshold of between $120,000 and $180,000 will be increased. Prime Minister Anthony Albanese is slated to announce the changes to the tax cuts package and new cost-of-living relief measures at a National Press Club speech on Thursday.

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AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Original article by Paul Karp
The Guardian Australia – Page: Online : 23-Jan-24

Prime Minister Anthony Albanese has given strong indications that further cost-of-living relief will be on the federal government’s agenda at a caucus meeting on Wednesday. However, the government has downplayed reports that it will make changes to the legislated stage-three personal income tax cuts, including retaining the existing top marginal tax rate and increasing the tax-free threshold. Meanwhile, the Greens have written to Treasury Jim Chalmers arguing amongst other things that the tax cuts package is unsustainable, primarily benefits wealthy people and will be inflationary.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY

Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 30-Nov-23

Prime Minister Anthony Albanese has reiterated in parliament that Labor remains committed to implementing the Coalition’s legislated stage-three personal income tax cuts, which are slated to take effect in mid-2024. Labor had committed to proceeding with the tax cuts during the 2022 federal election campaign. Albanese has also told Labor’s final caucus meeting for the year that keeping election promises is critical to maintaining trust with voters, with the nation due to go the polls again in 2025.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Original article by Paul Karp
The Guardian Australia – Page: Online : 17-May-23

The Parliamentary Budget Office’s latest analysis of the legislated stage-three personal income cuts is that the package will cost $313bn over a decade. This compares with a previous estimated of $254bn, released in October 2022. The PBO’s analysis was undertaken on behalf of the Greens, and concludes that men will receive 65 per cent of the tax cuts over 10 years, or $203.7bn of the total. People in the highest income brackets are also set to gain the most benefit from the tax package. Greens leader Adam Bandt describes the stage-three tax cuts as a "massive black hole", and argues that the money should be spent on services for all Australians rather than benefiting the wealthy.

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AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIAN GREENS