Economic challenges make it hard to see how the Australian government can hold on to the previous government’s planned stage three tax cuts which create a flat tax rate of 30 cents in the dollar for anyone earning between $40,000 and $200,000. These cuts abolish an entire rung of Australia’s progressive income tax ladder.
What if they were scrapped and there was an extra $243bn in the budget over the next 10 years?
The Guardian has produced an interactive budget for you to see how far $243bn can go:
Alternative ways to spend the tax cut money by Georgie Dent:
-Delivering a wage increase to early educators ($10b)
- Free Preschool for all kids 3-5 ($4b)
- Fairer early education in Indigenous communities ($200m)
- Increase parenting payments ($39b)
Glenn Barnes
Jonathan Chrimes