Heading into Tuesday night’s budget, Australian voters believe the government is more likely to use Tuesday’s economic statement to benefit high-income earners and big business than average working people or people on low incomes, according to the latest Guardian Essential poll. Payroll tax cuts lower the payments made to Social Security, Medicare, and unemployment taxes. The Prime Minister’s blunt response was triggered by a new national campaign to be launched by the left-wing think tank the Australia Institute today urging the Morrison Government not to fast-track income tax cuts in the October 6 budget. Former deputy governor of the Reserve Bank Stephen Grenville, said the answer was more government spending, not tax cuts. Scott Morrison says the tax cuts will provide money in people’s pockets when it is needed the most.Source:News Corp Australia.
However, it’s the involvement of the former Liberal leader John Hewson in the campaign against tax cuts that is set to raise eyebrows. After flagging tax cuts were coming for weeks, the government will on Tuesday bring forward stage two tax cuts legislated to start in mid-2022 to July this year. “Unfortunately, the Morrison government seems incapable of recognising the opportunity.
RELATED: Richest to be the best off under planned tax cuts, The campaign against the early introduction of tax cuts is being supported by 40 prominent Australians, including: Bernie Fraser, former governor of the Reserve Bank, Stephen Grenville, former deputy governor of the Reserve Bank and Professor Peter Doherty, Nobel Laureate in Medicine.
However, Dr Hewson has also argued for a more comprehensive overhaul of the tax and transfer system that he argued was too complex, inefficient, unfair. But a government spokesman for the Prime Minister has told news.com.au that he won’t be influenced by the new campaign. Direct investment by government in job creation and in projects with the objective of improving living standards was also viewed more favourably (69% agreement) as a policy strategy than deregulation to encourage employment and tax cuts for wealthy Australians (19% agreement).
The scheme – expected to cost $1.2bn – is capped at 100,000 subsidies and will be available to businesses of all sizes. Albanese said there was an opportunity because of the circumstances associated with the Covid-19 crisis “to not just go back to what was there but to think about how we can build a better future for the long term”.
“The Liberal National Party naively hope tax cuts are good politics, but they won’t be as they increase inequality and fail to ensure job security and increasing wages with our economy still struggling to exit recession,’’ he said.
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