The Greens have seized on a fresh 10-year costing of the stage three tax cuts to step up their demand that they be scrapped, and the money spent on social programs and essential services.
economist and former Treasury official Robert Carling said it was absurd to claim, as the Greens were doing, that the tax cuts were increasing in cost with each annual update.
“This is an absurd statement, but one that suits the purpose of those who would grab any straw that passes their way to help build a case against the tax cuts,” he said.“It is absurd because the upward revision of the cost is entirely due to an upward revision of personal income tax revenue.” “If revenue is revised up by, say, $20 billion because of higher employment and wages then the ‘cost’ of the tax cuts will be revised up by about $1.3 billion, but revenue is still better off by $18.7 billion.”
Research by Australian National University economist Ben Phillips shows the real cost will be about $6 billion a year from July 2024, far less than the nominal $18 billion, after adjusting for inflation and bracket creep. But Greens leader Adam Bandt is demanding the package be scrapped, noting $157 billion of the tax cuts goes to those who pay the most tax – people earning over $180,000.“Instead of freezing rents or getting dental into Medicare, Labor’s giving tax cuts to politicians and billionaires.”
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