Dramatic moment ABC News Breakfast's Lisa Millar brutally cuts off Treasurer Jim Chalmers over Anthony Albanese's Stage Three tax cut broken promise
10 months, 4 weeks ago

Dramatic moment ABC News Breakfast's Lisa Millar brutally cuts off Treasurer Jim Chalmers over Anthony Albanese's Stage Three tax cut broken promise

Daily Mail  

ABC News Breakfast host Lisa Millar has grilled Treasurer Jim Chalmers over Anthony Albanese's broken election promise on tax cuts - hammering him with the PM's own claim that his 'word is his bond'. Mr Albanese will use a National Press Club address today to outline his case for overhauling the Stage Three tax cuts, which he had repeatedly insisted he would keep in place. ABC News Breakfast host Lisa Millar has grilled Treasurer Jim Chalmers over Labor's backflip on stage three tax cuts asking is the prime minister's 'word his bond?' Anthony Albanese will use a speech today to outline a case for overhauling the stage three tax cuts which Labor said will deliver middle-income earners more benefits 'Of course,' he said.

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History of this topic

Treasurer Jim Chalmers says government has work to do on cost of living measures
1 month, 1 week ago

Treasurer Jim Chalmers says government has work to do on cost of living measures

ABC  

Treasurer Jim Chalmers says the government knows there is still a lot of ground to make up when it comes to cost of living relief for Australians despite having released a raft of packages to ease the burden of inflation. Mr Chalmers's admission on 7.30 came one day after Opposition Leader Peter Dutton borrowed a line from US president-elect Donald …

Reeves eyes up to £40bn in tax rises and spending cuts in Budget
2 months, 1 week ago

Reeves eyes up to £40bn in tax rises and spending cuts in Budget

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Institute for Fiscal Studies chief Paul Johnson said that …

Major warning every Australian working from home needs to hear
2 months, 2 weeks ago

Major warning every Australian working from home needs to hear

Daily Mail  

Australians working from home could be jeopardising their tax return if they fail to keep a diary of their rostered hours. New rules came into effect in March 2023 requiring work-from-home professionals to keep a diary of every hour worked at home to claim the 67-cent-an-hour flat rate on their tax return. 'If you don't keep a record of all …

UK’s glum Conservatives try to shift the mood with a promise of tax cuts as polling day nears
6 months, 1 week ago

UK’s glum Conservatives try to shift the mood with a promise of tax cuts as polling day nears

Associated Press  

LONDON — Prime Minister Rishi Sunak on Tuesday implored British voters, and his own party, to throw him a lifeline in the U.K.'s election, pledging to cut taxes and reduce immigration if his Conservative Party is reelected on July 4. With the Conservatives trailing the left-of-center Labour Party in opinion polls, Sunak acknowledged that “people are frustrated with our party …

A three-minute guide to what's in the federal budget to help with the cost-of-living crisis
7 months, 1 week ago

A three-minute guide to what's in the federal budget to help with the cost-of-living crisis

ABC  

Treasurer Jim Chalmers has described helping Australians with the cost-of-living crisis as the government's "number one priority". Amid persistent inflation and a slowing economy, it's no surprise that the issue was top of the government's federal budget agenda — so much so it was in the title: Cost-of-living help and a future made in Australia — with $7.8 billion earmarked …

This is the magic income set to win the biggest percentage tax cut from the revised tax reforms
10 months, 2 weeks ago

This is the magic income set to win the biggest percentage tax cut from the revised tax reforms

ABC  

Australians appear to have avoided a political showdown this week, with the Coalition poised to wave through the government's proposed overhaul of the stage 3 tax cuts. The Coalition insists its tax reforms should be appreciated as an entire package, with stages 1 and 2 targeted to low and middle-income earners, and stage 3 designed to "encourage aspiration". "These new …

PM Anthony Albanese dodges Senate question on stage three tax cuts
10 months, 3 weeks ago

PM Anthony Albanese dodges Senate question on stage three tax cuts

Daily Mail  

Anthony Albanese has declined to say what he'd be willing to offer to secure the smooth passage of his overhauled stage three tax cuts as he danced around a grilling on whether he should apologise for breaking an election promise. Anthony Albanese has declined to say what he'd be willing to offer to secure the smooth passage of his overhauled …

Australia PM to modify proposed tax cuts, stoking fears of inflation
10 months, 4 weeks ago

Australia PM to modify proposed tax cuts, stoking fears of inflation

The Hindu  

Australia Prime Minister Anthony Albanese said on Wednesday, January 25, 2024, that he would consult lawmakers to modify proposed tax cuts for higher earners, potentially breaking an election pledge in a decision some economists worry could stoke inflation. Shane Oliver, chief economist at AMP, said the proposed changes benefit low — and middle-income earners, who tend to spend rather than …

Winners and losers from Anthony Albanese's Stage 3 tax cut changes revealed: How much of YOUR money you are set to keep - as Labor approves controversial plan
10 months, 4 weeks ago

Winners and losers from Anthony Albanese's Stage 3 tax cut changes revealed: How much of YOUR money you are set to keep - as Labor approves controversial plan

Daily Mail  

Labor has backed Anthony Albanese's decision to break a key election promise as its MPs voted in favour of his planned changes to Stage Three tax cuts. Earlier Cabinet leaks revealed key parts of the Stage Three tax cuts most beneficial to high income earners above $180,000 would be scrapped. Leaked new Stage Three tax cuts Low-paid tax band reduced …

Government to overhaul stage 3 tax cuts, Jim Chalmers says changes will benefit 'many'
11 months ago

Government to overhaul stage 3 tax cuts, Jim Chalmers says changes will benefit 'many'

ABC  

The government, in an election promise backflip, will overhaul stage 3 tax cuts, leaving most Australians with extra cash in their pocket when the measures take effect in July. Treasurer Jim Chalmers told 7.30 the government had changed its view on the cuts because it had found "a better way to provide more cost of living relief to more people". …

Anthony Albanese is smashed with brutal questions about changing the Stage Three tax cuts - after he promised he wouldn't because his 'word is his bond'
11 months ago

Anthony Albanese is smashed with brutal questions about changing the Stage Three tax cuts - after he promised he wouldn't because his 'word is his bond'

Daily Mail  

Anthony Albanese has denied claims he's gone back on pre-election promises by scrapping the planned Stage Three cuts despite his vow that 'my word is my bond'. Anthony Albanese has denied claims he's gone back on pre-election promises by scrapping the planned Stage Three cuts despite his vow that 'my word is my bond' Prime Minister Anthony Albanese had previously …

First Stage Three tax cuts... then Stage Four and Five? Shock theory about Anthony Albanese's tax plan as PM gives MPs dramatic five-word directive
11 months ago

First Stage Three tax cuts... then Stage Four and Five? Shock theory about Anthony Albanese's tax plan as PM gives MPs dramatic five-word directive

Daily Mail  

Prime Minister Anthony Albanese has reportedly instructed Labor MPs to address questions about the Stage Three tax cuts by saying 'we haven't changed our position'. Prime Minister Anthony Albanese has reportedly given Labor MPs a five-word phrase to use about the Stage Three tax cuts, as a high-profile economist floats a radical plan that would cut everyone's taxes Stephen Koukoulas, …

Stage Three tax cuts bombshell: Claims Anthony Albanese will radically tweak controversial tax plan - here's what it could mean for you
11 months ago

Stage Three tax cuts bombshell: Claims Anthony Albanese will radically tweak controversial tax plan - here's what it could mean for you

Daily Mail  

Prime Minister Anthony Albanese is reportedly considering a significant overhaul of the promised Stage Three tax cuts, a radio host has claimed. Prime Minister Anthony Albanese is reportedly planning to overhaul the promised Stage Three tax cuts, a radio host has claimed Under the new plans, lower income earners would instead reportedly receive more relief in an attempt to alleviate …

Rishi Sunak tax cuts won’t ease burden, economists warn, as national insurance rate drops
11 months, 2 weeks ago

Rishi Sunak tax cuts won’t ease burden, economists warn, as national insurance rate drops

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. It came as Labour accused Mr Sunak of offering voters a “raw deal”, claiming the …

The Intergenerational Report predicts a poorer, hotter, less productive Australia, and Jim Chalmers is assembling some serious solutions
1 year, 4 months ago

The Intergenerational Report predicts a poorer, hotter, less productive Australia, and Jim Chalmers is assembling some serious solutions

ABC  

When Peter Costello was about to release the first Intergenerational Report 21 years ago, the then treasurer effusively called it "one of the most exciting documents that we have ever seen". To what extent climate change takes its toll depends on global action, but today's IGR will warn if temperatures rise "up to 3 degrees Celsius or over 4 degrees …

Treasurer Jim Chalmers under pressure to change stage three tax cuts that would millions of Aussies
1 year, 4 months ago

Treasurer Jim Chalmers under pressure to change stage three tax cuts that would millions of Aussies

Daily Mail  

Treasurer Jim Chalmers is adamant the stage three tax cuts will go ahead despite a call from an influential trade union for them to be radically changed. 'The government's position on the stage three tax cuts hasn't changed but we welcome and embrace people having the opportunity to raise these sorts of issues at our national conference,' he said on …

Promise check: Maintain the Coalition's legislated tax cuts
1 year, 7 months ago

Promise check: Maintain the Coalition's legislated tax cuts

ABC  

This promise was considered broken on Februrary 27, 2024. See why After months of deliberation, Labor announced in July 2021 that it would maintain the Coalition's legislated personal income tax cuts if elected. At a May 2021 National Press Club address, then shadow treasurer Jim Chalmers said: "Everyone on incomes below $88,000 will be worse off under the Prime Minister's …

Did Treasurer Jim Chalmers keep his facts straight in this week's budget speech?
1 year, 7 months ago

Did Treasurer Jim Chalmers keep his facts straight in this week's budget speech?

ABC  

Treasurer Jim Chalmers delivered the Albanese government's second budget earlier this week, balancing cost-of-living relief against the need to rein in inflation. And the Australian Bureau of Statistics' wage price index shows that 2012 was indeed the last time wages experienced similar growth, when it recorded a 3.8 per cent increase. And while Treasury's forecasts have a history of being …

Jim Chalmers's budget surplus was a surprise so where has the money come from?
1 year, 7 months ago

Jim Chalmers's budget surplus was a surprise so where has the money come from?

ABC  

It has been billed as the turnaround of the century. Suddenly, that's magically transformed into a $4.2 billion surplus for this financial year, the first time we've seen federal budget black ink since 2008, when Treasurer Jim Chalmers was then-treasurer Wayne Swan's brains trust. If you can believe the forecasts — and let's face it, just a few months back …

Australia's budget is a 'hell of a mess'. The government is not collecting enough, and you are paying too much
1 year, 7 months ago

Australia's budget is a 'hell of a mess'. The government is not collecting enough, and you are paying too much

ABC  

No-one likes paying tax. He argues successive governments have relied too much on "bracket creep", which is basically average Australian wages climbing and pushing more and more people into higher tax brackets, and increasing revenue. The Grattan Institute's Kate Griffiths is among those suggesting changes to the "petroleum resources rent tax", arguing a simple tweak to how gas is priced …

Cabinet minister Ed Husic says Stage Three tax cuts were an election promise that Labor will keep
1 year, 8 months ago

Cabinet minister Ed Husic says Stage Three tax cuts were an election promise that Labor will keep

Daily Mail  

The controversial Stage Three tax cuts - mainly benefiting the wealthy as millions get relief - are here to stay because they were an election promise, a Labor cabinet minister insists. Scroll down for audio A cabinet minister in Anthony Albanese 's Labor government is adamant the Stage Three tax cuts for the wealthy are here to stay because they …

Rishi Sunak plotting autumn 2024 election ‘after income tax cut’
1 year, 8 months ago

Rishi Sunak plotting autumn 2024 election ‘after income tax cut’

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. A senior government source told the newspaper: “It’s all about …

Labor's first budget back in government will make income inequality worse, and the stage 3 tax cuts are mainly to blame
2 years, 1 month ago

Labor's first budget back in government will make income inequality worse, and the stage 3 tax cuts are mainly to blame

ABC  

The financial benefits of the Albanese government's major tax and welfare policies will flow overwhelmingly to Australia's richest households, making income inequality worse. The modelling shows the government's policies will see the top 20 per cent of households getting an extra $12 billion a year in disposable income in 2024-25. It considers the distributional impact of three major measures in …

Forecast cost for stage 3 tax cuts rises by $11 billion
2 years, 2 months ago

Forecast cost for stage 3 tax cuts rises by $11 billion

ABC  

Treasurer Jim Chalmers says the forecast cost of the stage 3 tax cuts has risen and will now cost the nation around $254 billion over 10 years. Key points: The stage 3 tax cuts were supposed to cost around $243 billion Treasurer Jim Chalmers says the tax cuts will not come into effect for a few years and the budget …

Treasurer Jim Chalmers confirms Stage Three tax cuts cost balloons to $254 billion
2 years, 2 months ago

Treasurer Jim Chalmers confirms Stage Three tax cuts cost balloons to $254 billion

Daily Mail  

Labor has hinted it could delay or abandon controversial Stage Three tax cuts arguing the cost has ballooned out to $254billion - just days before the Budget. Dr Chalmers, delivering Labor's first Budget since 2013 on Tuesday night, hinted the Stage Three tax cuts could be delayed, but also suggested they were already factored in with other spending plans, for …

Australia needs an honest conversation about tax and budgets – and Jim Chalmers is ready to talk
2 years, 2 months ago

Australia needs an honest conversation about tax and budgets – and Jim Chalmers is ready to talk

ABC  

Jim Chalmers is a wily operator. COVID changed everything – except the tax cap Just about every fairly foreseeable crisis couldn't be responded to, if the assumptions in the 2019 budget were to be believed. A separate "tax cap" set out in the budget said the government would never collect more than an arbitrarily chosen 23.9 per cent of GDP. …

Federal government appears set to maintain stage 3 tax cuts in this month's budget despite mounting speculation
2 years, 2 months ago

Federal government appears set to maintain stage 3 tax cuts in this month's budget despite mounting speculation

ABC  

The federal government appears set to maintain income tax cuts that will predominantly benefit high and middle-income earners in this month's budget, despite looming speculation the multi-billion dollar package would need to be pared back amid a worsening economic outlook. Key points: Stage 3 tax cuts were legislated under the Coalition government and are due to come in to effect …

Jim Chalmers plays the tease as he pushes to change stage 3 tax cuts
2 years, 2 months ago

Jim Chalmers plays the tease as he pushes to change stage 3 tax cuts

ABC  

When Scott Morrison was treasurer he flew the kite for an increase in the GST. Asked on Thursday whether he'd had Albanese's permission to "float that balloon" on changing stage 3, Chalmers said: "I don't need permission to point out that every budget we hand down, including the one in three weeks' time, will put a premium on responsible economic …

Australia is still debating stage 3 tax cuts, and it's unclear how it's going to end
2 years, 2 months ago

Australia is still debating stage 3 tax cuts, and it's unclear how it's going to end

ABC  

It's been dubbed the "screeching U-turn". Citing Parliamentary Library research, the Greens say Australia's stage 3 tax cuts are far bigger as a percentage of GDP than the short-lived Truss proposal. "Australia's stage 3 tax cuts for the wealthy are seven times bigger than the UK's, which sent their currency plummeting, triggered a bank revolt, and sent the British government …

UK drops plans to cut income tax for wealthy that sparked market turmoil
2 years, 2 months ago

UK drops plans to cut income tax for wealthy that sparked market turmoil

Firstpost  

The U-turn came after a growing number of lawmakers from the governing Conservative Party turned on the government tax plans announced 10 days ago Birmingham, England: The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. In …

UK scraps tax cut for wealthy that sparked market turmoil
2 years, 2 months ago

UK scraps tax cut for wealthy that sparked market turmoil

Deccan Chronicle  

Birmingham: The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng said on Monday that he would abandon plans to scrap the top 45 per cent rate of income …

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now
2 years, 2 months ago

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now

ABC  

The Albanese government's first federal budget will include a significant rewriting of official budget guidelines and will Key points: Treasurer Jim Chalmers will hand down the Albanese government's first budget in October He says Australia's downgraded growth would have "consequences for unemployment" He confirms the "Stage 3" income tax cuts legislated by the Morrison government will go ahead as planned …

Kwarteng hints at more tax cuts to come as he rules out government borrowing limit
2 years, 2 months ago

Kwarteng hints at more tax cuts to come as he rules out government borrowing limit

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Kwasi Kwarteng has hinted at more tax cuts ahead – and …

Australia's economy grew strongly earlier this year, but at risk of a 'cliff-like slowing'
2 years, 3 months ago

Australia's economy grew strongly earlier this year, but at risk of a 'cliff-like slowing'

ABC  

Australia's economy grew strongly in the three months to June, but it was business owners who benefited more than workers. Key points: GDP grew 0.9 per cent in the quarter and 3.6 per cent through the year Increased spending on travel and hospitality drove much of the gain, along with the mining boom The share of national income going to …

Tax cuts that could give high earners nearly £2,000 are ‘fair’, Truss says
2 years, 3 months ago

Tax cuts that could give high earners nearly £2,000 are ‘fair’, Truss says

The Independent  

Liz Truss has described as “fair” tax cuts which could hand nearly £2,000 to high earners, as a former Conservative chancellor warned they would stoke already soaring inflation. Many Tory MPs privately also admit they fear Ms Truss’s plans will exacerbate inflation at a time when experts already predict it could reach as high as 22 per cent. Lord Hammond …

Rishi Sunak promises biggest income tax cut in 30 years
2 years, 4 months ago

Rishi Sunak promises biggest income tax cut in 30 years

The Telegraph  

Rishi Sunak has promised the biggest income tax cut in 30 years, vowing to slash the basic rate from 20 per cent to 16 per cent if he becomes prime minister. Mr Sunak’s campaign argued that the move was consistent with his previous stances, given the tax cut would only be adopted once inflation drops and would not be funded …

‘Recipe for disaster’: New chancellor Nadhim Zahawi’s plan for tax cuts and balanced budgets doesn’t add up, say experts
2 years, 5 months ago

‘Recipe for disaster’: New chancellor Nadhim Zahawi’s plan for tax cuts and balanced budgets doesn’t add up, say experts

The Independent  

Tax cuts planned by the new chancellor Nadhim Zahawi are a “recipe for disaster” that risk stoking more price rises and pushing inflation even higher while failing to boost the UK’s crumbling economy, experts have warned. “The important thing is to get inflation under control, be fiscally responsible,” Mr Zahawi told Sky News, adding: “The most important thing is to …

Who gets the $250 payment and who's eligible for the $420 tax offset in the budget?
2 years, 8 months ago

Who gets the $250 payment and who's eligible for the $420 tax offset in the budget?

ABC  

What tax relief and payments will you get from the budget? The payment will be given to eligible recipients of the following schemes, and to concession card holders: Age Pension Disability Support Pension Parenting Payment Carer Payment Carer Allowance Jobseeker Payment Youth Allowance Austudy and Abstudy Living Allowance Double Orphan Pension Special Benefit Farm Household Allowance Pensioner Concession Card holders …

Federal budget 2022: Aussies miss out on early tax cuts but fuel duty cut considered as petrol soars
2 years, 9 months ago

Federal budget 2022: Aussies miss out on early tax cuts but fuel duty cut considered as petrol soars

Daily Mail  

Australian full-time workers will miss out an early income tax cut in the federal Budget later this month - as the government spends more tax funds on cost of living payments to help people cope with soaring prices. Stage one increased the upper threshold for the 32.5 per cent personal income tax bracket from $87,000 to $90,000. Stage two, due …

The Government steered Australia through the COVID-19 crisis, but the Budget shows it wants business to engineer the recovery
4 years, 2 months ago

The Government steered Australia through the COVID-19 crisis, but the Budget shows it wants business to engineer the recovery

ABC  

Now for the tough bit. Having lashed out more than $100 billion on income support through the JobKeeper program and billions more on unemployment benefits, Treasurer Josh Frydenberg on Tuesday night outlined the second stage of the plan. Budget appeals to the Party faithful Budgets are as much a political document as an economic statement, and this one appeals far …

Federal Budget will bring forward tax cuts as part of coronavirus response
4 years, 2 months ago

Federal Budget will bring forward tax cuts as part of coronavirus response

ABC  

Millions of Australians will have more money in their pockets within weeks, as the Federal Government plans to bring forward and supercharge tax cuts in Tuesday's Federal Budget. Key points: The Budget will bring forward income tax cuts scheduled for 2022 The Budget will bring forward income tax cuts scheduled for 2022 The plan will cut taxes for anyone earning …

How those on $200,000 could see their $11,640 tax cut brought forward from July 2024 in budget
4 years, 2 months ago

How those on $200,000 could see their $11,640 tax cut brought forward from July 2024 in budget

Daily Mail  

Wealthy Australians earning $200,000 a year are set to have their $11,640 tax cuts fast tracked. Treasurer Josh Frydenberg's first budget in April 2019 unveiled three stages of income tax cuts - with the full package passing the Senate after the election. Treasurer Josh Frydenberg's first budget in April 2019 unveiled three stages of income tax cuts - with the …

Proposal to bring forward income tax cuts in Federal Budget criticised as benefiting high-income earners
4 years, 3 months ago

Proposal to bring forward income tax cuts in Federal Budget criticised as benefiting high-income earners

ABC  

Former Reserve Bank officials and senior bureaucrats are among a group demanding Treasurer Josh Frydenberg look towards more social spending rather than bringing forward legislated income tax cuts. Key points: Josh Frydenberg has floated the idea of bringing forward income tax cuts by two years, as part of his October Budget A former secretary of the Department of Prime Minister …

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