The average Australian household will be almost $1900 a year better off once the stage 3 tax cuts start from July 1, with Treasurer Jim Chalmers to argue new cost-of-living measures in next week’s federal budget will help ease inflation.
“We know people are under pressure and that’s why our wages policies and tax cuts for every taxpayer are so important. This is all part of a big focus in the budget on helping to ease cost-of-living pressures,” he said.“Decent wages and bigger tax cuts for more people are a big part of helping people earn what they need and deserve to provide for their loved ones.”
Westpac senior economist Justin Smirk said on Wednesday he assumed there would be a return of electricity rebates in the second half of this year. Commonwealth rent assistance was increased by 15 per cent in last year’s budget. The Australian Bureau of Statistics estimates that rents would have climbed by 9.5 per cent over the past 12 months without the lift in rent assistance. Instead, they have increased by 7.8 per cent.Credit:Chalmers, pressed on whether the government would lift rent assistance again, said last year’s increase had ensured rents were lower than they would have been for many people.
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