The Reserve Bank is expected to lift interest rates at its first meeting of the year next week. The prime minister believes pressure on rate hikes may be easing.
but Treasury and the Reserve Bank are forecasting the rate to ease over the coming months.
It also backed broader tax reform, including restricting the current exclusion of the family home from capital gains tax, to help the government cover the growing structural cost pressures on the budget. Shadow treasurer Angus Taylor said the IMF’s report showed the government could reduce inflation pressures by cutting expenditure rather than seeking to increase taxes.
But Greens treasury spokesman Nick McKim said it was obvious support for the stage three tax cuts was drying up.
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