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The Latest Breaking News from Tax Cuts

Growing number of Australians want the stage-three tax cuts scrapped, poll shows

Public opinion for repealing the package now sits at 48% as people become better informed about the consequences

The Guardian - AU

Freeze state pensions and slash ‘non-frontline’ NHS and schools staff, said No 10’s economic adviser

Radical ideas to reduce spending, outlined in Matthew Sinclair’s 2010 handbook, may now be needed by the Tories to pay for their tax cuts

The Guardian - UK

Liberals vow tax cut fight at 'every step'

Despite the Prime Minister's assertions the government has not changed its position on tax cuts, the Deputy Liberal Leader says Australians can't be confident.

AAP

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Labor's Stage 3 tax cut kite-fly pits budget economics against election promises

Doing the sums on Coalition tax cuts

Newcastle Herald

OBR forecasts likely to show £60bn-£70bn hole after Kwarteng’s mini-budget

Predictions handed to chancellor expected to paint gloomy picture for UK economy amid sweeping tax cuts

The Guardian - UK

Malaysia unveils 'populist' budget, fuelling snap polls speculation

Kuala Lumpur (AFP) - Malaysia unveiled a tightened national budget for 2023 on Friday but the inclusion of a few billion dollars in cash handouts and tax cuts has fuelled speculation that the government may soon call snap elections.

AFP

Michael Pascoe: Morrison heeded the Tooth Fairy when Treasury warned against tax cuts

In 2018, when Scott Morrison announced his tax-cut package, Treasury laid out in black and white the grounds for scrapping Stage Three

The New Daily

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Anthony Albanese leaves open possibility of changes to stage-three tax cuts

Prime minister says government ‘hasn’t changed our position’ but does not rule out doing so in future

The Guardian - AU

Young, done and broke: what students would do with billions in stage three tax cuts

Tens of thousands of students are living in poverty, and yet we’re prioritising the Clive Palmers of the world with stage three tax cuts.

Crikey

Morning mail: Zelenskiy appeals to Australia, 37 dead in Thailand attack, Annie Ernaux’s Nobel win

Friday: Ukraine’s president has urged world leaders not to give in to Russia’s ‘nuclear blackmail’. Plus: should Labor scrap the stage-three tax cuts?

The Guardian - AU

‘Difficult decisions’ ahead of budget

Treasurer Jim Chalmers issued the warning as it looks more and more likely the government will ditch the stage three tax cuts.

Crikey

Grattan on Friday: Jim Chalmers plays the tease as he pushes to change Stage 3 tax cuts

When Scott Morrison was treasurer he flew the kite for an increase in the GST. The debate ran a while, before then prime minister Malcolm Turnbull shut it down. It was all too hard.

The Conversation

Households on every income to be worse off in three years after mini-budget, study claims

The freezes will take away £2 for every £1 given to households through tax cuts, the study suggests

Wales Online

Stage-three tax cuts in the spotlight as global gloom weighs on federal budget

Amid warnings global monetary tightening might give way to worse, Treasurer Jim Chalmers says the upcoming budget will not be immune.

The New Daily

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Evening Standard

Moving on up? Just stop the pound going down, Liz

City Voices: Truss’ speech showed she didn’t understand the causes of stagnant economic growth or has a credible plan to solve them

The Guardian - AU

Labor attacked by former RBA governor Bernie Fraser for sticking to ‘dodgy’ stage-three tax cuts

Fraser says Albanese government should repeal stage three as the tax cuts are ‘even more unfair’ due to falling real wages

Crikey

To keep stage three tax cuts, supporters need to find alternative answers

Want your stage three tax cuts in 2024? Fair enough — just explain which spending or taxation needs to change to pay for them.

The Guardian - AU

Jim Chalmers has a unique chance to remake Australia – or to squander $243bn on the rich

Australia is one of the richest countries in the world but decades of tax cuts have trained us to feel poor

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The Guardian - UK

IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

For every £1 given workers by cutting tax rates £2 was being taken via freeze on income tax thresholds, thinktank calculates

The Independent UK

£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

By 2025–26, freezes will take away £2 for every £1 given to households through the headline personal tax cuts, the Institute for Fiscal Studies said.

Crikey

Markets want what the markets want — and that’s not a good reason to oppose stage three tax cuts

With the UK’s volte-face on high-end tax cuts, it’s tempting to apply the same logic here. But pressure from financial markets shouldn’t be a trustworthy impetus for change.

AAP

Tax cut needed to ease mortgage pain: Libs

Tax cuts due to come into effect from mid-2024 have become a flashpoint for the upcoming budget as Australia faces economic headwinds.

ABC News

Former ACCC boss Rod Sims calls for tax increases amid debate over stage 3 cuts

The former chair of the ACCC says taxes must rise if the federal government wants to deliver the essential services Australians demand.

The Guardian - AU

Liberal moderate Bridget Archer says Labor right to be questioning stage-three tax cuts

Archer tells Albanese government ‘it’s OK to change your mind’ as debate continues within ALP about future of Coalition tax package

The New Daily

Stage-three tax cuts: What makes them so controversial?

Stage three tax cuts will kick in during 2024 and on net it will benefit people who earn over $180,000, or the top 3.7 per cent.

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