Ten million Australian workers to enjoy income tax cut from July Ten million Australian workers to enjoy income tax cut from July

Ten million Australian workers to enjoy income tax cut from July
16 May 2018

Australian treasurer Scott Morrison has delivered his third Budget, offering a tax cut for 10 million Australian workers from 1 July.

According to the Sydney Morning Herald, the creation of an expanded tax bracket means that 94% of taxpayers will pay no more than AUS$0.325 (US$0.24) in the dollar in income tax, compared with 63% now.

The ambitious seven-year plan involves three major phases and will cost a huge AUS$140 billion to implement (US$105 billion) over 10 years. Budget winners include children, medicare and pensions, while foreign aid, the Australian Broadcasting Corporation and welfare recipients are all set to lose out.

Labor says it will support the first stage of the coalition government's income tax cuts, but has dismissed the projected Budget surplus as “wafer-thin”.

Emma

Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.

Australian treasurer Scott Morrison has delivered his third Budget, offering a tax cut for 10 million Australian workers from 1 July.

According to the Sydney Morning Herald, the creation of an expanded tax bracket means that 94% of taxpayers will pay no more than AUS$0.325 (US$0.24) in the dollar in income tax, compared with 63% now.

The ambitious seven-year plan involves three major phases and will cost a huge AUS$140 billion to implement (US$105 billion) over 10 years. Budget winners include children, medicare and pensions, while foreign aid, the Australian Broadcasting Corporation and welfare recipients are all set to lose out.

Labor says it will support the first stage of the coalition government's income tax cuts, but has dismissed the projected Budget surplus as “wafer-thin”.

Emma

Emma Woollacott is a freelance business journalist. Her work has appeared in a wide range of publications, including the Guardian, the Times, Forbes and the BBC.

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