Budget night

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peterdannock  •  14 May 2024   •    
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It’s budget night again, and the federal treasurer is set to announce his third budget since the Labor Party took office in 2022. The reworked stage 3 tax cuts are the main focus of the government’s budget. With the changes to tax cuts, every Australian taxpayer earning more than $18,200 will receive a tax cut. Earlier, the original stage 3 tax cuts mainly benefited higher-income earners.

The government has reduced taxes and suggested other measures to reduce the cost of living. The treasurer has referred to the tax cuts as the “foundation stone” of broader assistance. One of these measures seems to be relief in the form of reduced energy bills. The treasurer has noted that a similar measure from last year helped to control living costs and ease inflation.

An announcement is expected to eliminate HECS debts worth $3 billion due to last year’s 7.1 per cent indexation. This will lead to reduced student debts for over 3 million Australians. On average, each student will receive an indexation credit of around $1,200 for the past two years.

It is a long way from the days when all the punters worried only about whether the taxes on their cigarettes and alcohol would increase on budget night.

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