The persistently high cost of living will be top of the government's agenda when Jim Chalmers hands down the federal budget, with the treasurer announcing a 'substantial' $14.6 billion package will be unveiled to address the crisis. 9News
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Flush with surging tax revenue from the cost of iron ore, coal and gas, here's what we expect to see in the federal budget on May 9.Experts predict the richest people in Australia could lose generous tax discounts in the federal budget.Speaking a week before the budget is due to be unveiled, Chalmers said there will be significant measures to address the rising cost of living, particularly focusing on Australians doing it tough.
The payment is expected to be targeted towards pensioners, concession holders and households receiving family tax benefit A and B.There will also be changes to the fossil fuel super tax, capping the amount of income that can be offset at 90 per cent.Wealthy Australians could be forced to pay more tax if the May budget removes a number of tax discounts that traditionally favour those who have a large number of assets or a high superannuation balance.
"Tax breaks on superannuation earnings and contributions are not the largest tax expenditure but the government's move could be seen as a harbinger of other measures that similarly target a smaller population or group of entities that are seen to be well off."Stage three tax cuts could still be tweaked
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