The Herald's View: Scrapping stage three tax cuts will be a broken promise
The Albanese government should stick with the $243 billion of tax cuts but it must launch a review of the whole tax system to raise more revenue.
AdvertisementThe federal government can ill afford such a huge giveaway at a time when the budget is still deep in deficit and forecast to remain in the red until the end of the decade.Whatever the problems with the stage three tax cuts, both Chalmers and Prime Minister Anthony Albanese unambiguously promised during the federal election campaign that they would allow them to take effect. No ifs and no buts. So, if they scrap stage three, they break a promise.
“We must be serious about rebuilding our budget buffers – particularly given the deteriorating global outlook.”. As inflation has surged because of factors such as the war in Ukraine and excessive pandemic fiscal stimulus, central banks around the world have jacked up interest rates at an unprecedented pace.
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And your view is important because? Now onto the views of millions of other Australians who voted out the LNP & want money spend on health, education & looking after their fellow citizens. A promise made under duress of losing tax cuts for low and middle income earners is not a promise that has any moral force
APadeau Scrapping the bottom of the News barrel yet again SMH 🤣🤣🤣 Only if you're not a Murdoch/Costello/Stokes myrmidon. When you're an editor and senior journalist earning above $300,000 per year, you'll defend your own level of need and greed, especially when you're eligible for a $10,000 tax break on top of your annual bonuses and pay rise.
Yeah right! What circumstance, what measure of context would demand a change in policy on Stage 3 tax cuts? Do you even believe evidence exists that TrickleDown works? Auspol Fiscal prudence = political credence. Not the rubbish you’re peddling. Go away. We need sensible analysis and journalism. BREAK THE FUCKING PROMISE! Use the money to pay for services long abandoned by governments on both sides of politics. The government shouldn't let Spud dictate what they do, let him kick up a stink and make more of a fool of himself.
Scrap them now. Labor won the election. Just do it Albo. Very welcome to break that promise BevanShields A pathetic editorial from a once outstanding newspaper. Their have been dramatic changes revealed in Australia’s economy since the election & informed economic commentators, including Ross Gittins from memory, are almost unanimous in their support for scrapping.
Scrap ‘dodgy’ tax cuts to fund Labor spending: former RBA bossLabor should do the honourable thing by scrapping the stage three tax cuts to pay for its ‘expensive’ spending says Bernie Fraser. GrogsGamut Yes. I can't beleive Labor politicians would have such a pathetic grab on their minds. I can’t think of a single worse thing to spend money on than “Labor Spending”. Dodgy is a good summary for the legislated tax cuts
Better to break a bad promise than keep it, especially if it was not in the national interest, undermines your economic credibility, increases the structural deficit, borrows money to give handouts to the rich, and leaves you open to attack on deficit spending. Then again, when facts change, it would be foolish to ignore them. How's that digital transition going?
Is that you Peter Costello? ThisIsNotJournalism Come on SMH - you’re getting silly… once a good paper, now becoming a rag. Time to do a U turn and be a mature paper again. Please provide the evidence that the ALP actually promised to do this in the run up to the election. Thanks. This is great news and reflective of the longer term picture. Keeps tax rates reasonable for middle income earners where the majority of Australians sit and makes Australia internationally attractive for new business, much like Singapore. Its a step closer
Bevan’s got some more script in from Costello. When did the SMH become so pathetic? And if they don’t repeal it you’ll belt them for being a canonically irresponsible.
We all know where the money has to come fromAge readers discuss the Albanese government’s policies on stage three tax cuts and the environment. Perhaps your clever cartoonist could learn a bit about records. The arm is on the wrong side. Never seen a record turn anti clockwise…..if your gunna have a shot, details matter Hey ho
What an absolute disgrace you are. Spreading IPA crap, the billionaires lobby group, to line their pockets and screw over millions of Australians The Vic and NSW elections are nearing and all you want to talk about is tax cuts two years away could this just be a distraction because the libs in Vic and NSW are falling apart and looking like a bunch of dills that couldn't run a chook raffle.
Who cares what smh say. It was a non core promise . What do you expect PeterCostello to say. Yes, it's a broken forced promise bc of the way it was formulated. Low paid workers will only get tax cut if high paid got it. An organisation run by a died-in-the-wool Tory attacks a decision Labor hasn't made yet...
Yeah, but the Herald's view was that 'we needed Abbott' as PM. So your view is MUCH worse than useless. BTW, have you ever apologised for supporting Abbott? 'over 3.24 million Australians are living in poverty... ' Great idea, stick with the $243bn in tax cuts and review the whole tax system to increase taxes on the uber-rich and decrease them on low and middle income earners. Those cuts were voted under false promises of reduced debt and better GDP growth that were well and truly broken.
Scrap them, save them or tweak them: economists weigh up stage three tax cutsThe tax cuts are due to come in on July 1, 2024. But what is their intended purpose, and can the country afford them? rachelclun Cuts must be stopped. Rich richer and Poor poorer will be the only outcome. You can forget about trickle-down economics as it simply doesn't work rachelclun There are billions in subsidies given to fossil fuel companies each year and these companies pump their profits off shore and pay no tax. Maybe focus on those rather than focusing on the tax cuts for individual Australians auspol rachelclun Higher income earners need to move to jurisdictions that treat them better.
davidbewart Just ditch those unethical tax cuts. davidbewart Scrapping stage three cuts will be a promise Australia will be happy to see broken. Is this from the Australian? Surely not from the once revered SMH? MurdochGutterMedia A welcome broken promise... But they haven’t scrapped them, so why is everyone fulminating in the media? you lot are just bored after the Queen’s death and sycophantic obsessive reporting, now need a fabricated outrage as a drug fix auspol insiders
davidbewart just like to do murdochs bidding. Sad to see a once readable media joining the attack dogs from the hard right. 😱 How fucking predictable of the SMH and bevan the boot licker davidbewart Sometimes promises need to be broken as circumstances have changes And not doing it may help break the country .
Scrap them, save them or tweak them: economists weigh up stage three tax cutsThe tax cuts are due to come in on July 1, 2024. But what is their intended purpose, and can the country afford them? dump the tax cut With creeping welfare bills we can not afford to have tax cuts The wealthy is getting neg gearing n franking tax credit
It was a liberal promise The problem is for a long time politics has been defined by winning the fear battle rather than best policy. The simple argument here should keep the cuts for 120k and below and just maintain the rest as is . 37% and 45%. I doubt anyone voted for them based on this. Only your rich employers would care. Oh, yeah, right.
For goodness sake! Don’t we want a government that changes as the situation changes? We need our government to be flexible, respond to global pressures. This whole “broken promise” thing is rubbish! It’s called responsible governing. Speaking of honesty PaladinAffair BarnabyAffair AspenAffair RoboTheftAffair CovidAffair PorterAffair LeyAffair AngusTaylorAffairs AuPairAffair
LNPs promise, the Worst Government in Australian history who racked up unprecedented debt. It's because they're actually competent, capable of learning. What a load of crap, no one in the media made this much noise about the multiple “broken promises” by the LNP government. As usual the media only holds one side of politics to account ThisIsNotJournalism
Stuff the election promise, the Federal Treasurer Dr. J Chalmers after careful perusal of Australia's fiscal situation will decide what is right for the majority of citizens. The type of bullshit partisan view that caused me to cancel subscription.
Treasurer flags ‘difficult decisions’ in budget as tax hike loomsAs the government debates the future of the stage three tax cuts, more than 10 million people face a more immediate problem - the biggest tax increase in 40 years. swrighteconomy Labor loves a good old tax hike. swrighteconomy needs help from the mother country......... swrighteconomy The LMITO is a good example of why time barred & capped tax changes (offsets or levies) are a bad idea….make your changes to the fundamentals and for the long term
Even a mediocre poker player would know the obvious play is to call the media and Coalition's bluff on the devastating consequences of ditching the tax cuts, 'Yes we are ditching the stage 3 tax cuts, and here is why.' Independent. Always. A broken promise from the SMH. 🤣🤣🤣🤣🤣 That's good. well, look who benefits most from stage 3 -
Wow - that's a very interesting focus - let's forget about being an effective gov and taking into consideration what is happening re economy, world, Society. Nah - 'broken promise' blah blah blah ThisIsNotJournalism This is a broken promise.... Yet the SMH was silent on this Boo fekkin hoo. CostelloGutterMedia
AlboMP Deceitful funds to worthless Green woke nonsense God created heaven,Earth all in it. Including Weather Gods wrath to woke deceit SkyNewsAust 1USNews bauermedia dailytelegraph couriermail theage newscomauHQ newscorpaus SBS MomentsAU australian canberratimes
Treasurer flags ‘difficult decisions’ in budget as tax hike loomsAs the government debates the future of the stage 3 tax cuts, more than 10 million people face a more immediate problem - the biggest tax increase in 40 years. | swrighteconomy swrighteconomy Difficult decision JEChalmers, really. - trillion dollar debt. - budget deficits. - cost of living & energy crisis. - rampant inflation. - rising interest rates. - global uncertainty. - underfunded essential services. No to obscene & unaffordable 240 billion high income tax cuts swrighteconomy Spending reductions is always an option. Usually in tough times that's the first thing I do. swrighteconomy Maybe stop wasting money on ridiculous public servants
At this stage, you might as well just sell the SMH to Rupert. Gee, this smacks of a coordinated attack by the Costello, Stokes, Murdoch & Buttrose MSM cartel of arsewipes. Whatever you say costello rag How’s the ratio going? Bevan Shields at it again! ThisIsNotJournalism Who writes this crap? How much will the writer of this nonsense lose if tax cut is scrapped? auspol smh
Like Howard’s “NEVER EVER GST” , Abbott’s “No cuts to ABC, SBS etc”, and Morrison’s , we’ll everything Your partisan slip is showing! Get used of More broken promises and B/S from the Greens/Labor parties. Utter bulls*it Fancy writing an editorial about something that hasn’t happened, and is based on pure speculation. Labor have consistently said their position on the Stage 3 tax cuts haven’t changed. Yet look at the rabid media, frothing at the mouth, trying to wedge Labor.
Susan’s lee should stop reading her talking points and have a thought of her own repeat repeat
Promises need to be reviewed when there are moral / ethical considerations, imo. Good to see the is on the side of the 3.5 percenters rather than those who really need a hand. Imagine being that bereft of decency & humanity. Hi There is no doubt that Albo and Labor committed 100% to the stage 3 tax cuts prior to the last election. What is also “ binding “ is that Albo pledged integrity and trust in politics. To break that pledge will say a lot about Albo…!
Costello has spoken. Good!!!! It's the most sensible and responsible thing to do. where is the vow? so its not a promise. Does anybody care what Bevan Shields thinks As opposed to the bigger broken promise which is the commitment to a fair and just society. Labor shouldn't say they're 'scrapping' it, just 'delaying' it.
It might be a broken promise but given the choice of enrichment of the rich or helping ordinary Australians, it’s a great idea and completely understandable. The ratio says it all. No one is buying the bullshit from Costello and the bullshit from the LNP. People are just now realising what a good government can do and they love it, They want more of it. Dutton and the MSM will be relegated to the dustbin of history.
And a back flip with triple pike. This could be the end of civilisation as we know it. This is not journalism. Of course you are Liberal Party Operative. Even if it were the worst possible scenario you would scream it from the rooftop. I hate Costello minions They will go on and on about breaking promises. But it wasn't really a 'promise'. It was something the Coalition introduced that the ALP reluctantly agreed to. You didn't see Albo during the campaign with a big smile on his face promising to give rich people a big tax cut in 2024
Liberal party rubbish paper. Did Peter Costello write this for you? LNPNeverAgain Ninecomau It’s Peter Costello’s view Not interested 🙄🙄how about looking at it like this. Being agile and flexible In a rapidly changing economy
There is merit in a political promise if the substance does not compromise, or even endanger, the public good writ large. So, it is equally wise to scrap a political promise. Just because you write about 'broken promises' doesn't mean it's true. What 'promise' was made? The whole country has moved on from liberal nationalism... Why continue to flog the dead horses' bleached bones?
He doesn't have to ditch the tax cuts, just put them on hold. That will shut you up at SMH. Labor has to do whats best for Australia. Scrap those liberal tax cuts. And when no one can afford to buy your toilet paper version of a newspaper and you fold who exactly will you blame.. yourselves and you LNP mates that CREATED THE TAX CUTS you fools LNP tax cuts set up as a booby trap like the 6 month petrol excise We ain’t stoopid
You are referring to Costello's mouth piece,Bevan Shields?5 is about right.on everything. Gutter press lies. stage3taxcuts are the LNPCorruptionParty's parting kick-in-the-guts to Australia, cunningly designed by ScottyTheNarcissist to drain AustralianLabor's Budget coffers and give washed up LNP MPs like sussanley an attack strategy abcnews auspol insiders
Jeez.. how manner promises did lnp break eh!!! Yes, yet you said nothing about Howard’s, abbots Turnbull and Morrison’s broken promises. What’s your point.
No it's not - times change. Millions voted for Labor understanding they promised to govern effectively, doing what's right, just. A FairerAustralia's what's right. While Australians are living in poverty, higher earning Australians don't need tax cuts - that's just. Auspol Labor will do what’s best for the nation. They didn’t know how badly Libs had scorched the budget (& couldn’t have imagined either). auspol
PeterBo49858290 Snore ... Costello News Get used it it people Shame, Shame on you for pushing for tax cuts for the rich while families are homeless & kids are hungry Shame on you & all your ilk auspol So what! The federal government should dump these stupid tax cuts and spend the money where it's needed. The rightwingers will scream but the voters will be supporting.
The ‘ promise ‘ is a load of shit. For goodness sake do what is right! We all know what is right . That money is desperately needed for the welfare of millions of Australians who are suffering terrible times. Unbelievable, in a first world nation. What is wrong with us😰😰 It would be evidenced based decision making. Give me that over blindly holding to an election commitment for no other reason than to be able to say 'we honoured the commitment regardless of how poor a proposition it turned out to be'
Like the broken promises from the LNP? No cuts to healthcare, the ABC, etc.. can't have double standards. Stage 3 is a dumb LNP idea. Worse than the UK budget blunder Yep, gotta look after your rich mates. Common sense says we can’t afford them and why should rich men get a cut they don’t need or deserve? Get a grip SMH.
Just like clockwork... Hahaha the only ones calling it a broken promise are the msm & the opposition I’d rather a broken promise than a broken economy auspol 'If Albanese and Chalmers break their promise on tax cuts, before building up a track record, they would just jump back on this treadmill.' And in all likelihood this nimbleness & honesty will make Australia a far better place than any odious RW grifters could ever imagine.
But is it the right thing to do? That is the Real Q. Thanks TheAusInstitute Remember the surplus every budget after the 2013 election promise So fucking what.. logic over bullshit.. imagine that.. What genius worked that out? One would think the way the SMH is crapping on that the paper represents the Wealthy in Sydney. Oh give then stage 3 & then anyone over $5m hit them.with completely new Wealth Taxes from property, investments, trust turn over, death and anything else.
Broken promises when they inherited a situation of lies and deceit? Weird take on reality SMH No it will be the best thing for the Nation. Modifying a promise is the very least that is permissible in view of the fact the promise was made under duress Just call it a Non-Core Promise. Worked for Howard. Better than the broken promise of an Anti Corruption Commission!
As a former subscriber can I point out another broken promise ? That is , of course .. 'Independent. Always' FFS: They need to do the best for all Australians not just the rich & corporations!!! Maybe it was a 'notional' promise, you know, like the bushfire aid that was promised that never happened. auspoI
And it needs to be done. But you’ll push Labor’s poor economic credentials if they don’t reign in Morrison’s trillion dollar land mine. They should just say it was a non-core promise. cry more labor were never going to scrap them anyway because, as a thatcherite party, labor's chief priority is enriching the wealthy and capital
I think this is the dilemma; the tax cuts were stupid then and they and stupid now, but it would be far worse to break a promise when we can see a brighter light on a hill. That being, at least the partial restoration of faith and trust in our democracy. So scrapping stage 3 tax cuts will be a broken promise, but not providing every Australian with a roof over their head is somehow not a greater broken promise? Homes for all before tax cuts for the rich!
I think they'll be forgiven . What a stupid and simplistic view. It’s actually a good thing to change your mind or change direction when the circumstances change. When it’s no longer the right thing to do then you change course. and? Why don’t you look at the reasoning behind the decision to abandon the cuts and put up a rational argument as to why you think they shouldn’t be scrapped Bit puerile to argue you have to because you said you would 🤷🏽♂️
If it's wrong then you have to adapt and accept that a bad promise is a bad promise
Nice ratio there 😂 GFY... Hmm, broken promise or just common fucking sense...... Unambiguously.....bullshit, try qualified. Changed circumstances qualification meet. Ghost written by your chairman? The Stage 3 tax cuts are a great example of why it is stupid to legislate for future tax cuts when you don't know what the economy will be like. They are also bad policy at any time, raising the tax free threshold above $18K is a much better intervention.
Good And? So what? Things change, policies have to change too. Possible recession 'has no obvious bearing on the case for tax cuts in 2024.'? Seriously? It's forgone income they have to plan around for the future. Each year does not exist in isolation. auspol
mikeaubrey2 And I, for one, don’t care. Ditch the stage 3 tax cuts. And a better outcome. Deal with it. IDontWantATaxCut Following what the UK got. 🤣🤣🤣 So DON'T scrap them - DEFER them! Just like the LNP & Abbott did with everyday median-wage WORKER'S Superannuation Guarantee! (Didn't apply to politicians or CEOs & many others PACKAGED Contracts!) After all OUR Super Increases were ONLY deferred for more than SEVEN years!
Correction... It would be the right, responsible and fair thing to do. Broken promise, broken promise, debt and deficit, debt and deficit. Your Not shouting the latter now with a 'trillion dollars' of debt hanging over our heads I notice, just broken promise! 'In recent speeches, Chalmers has appeared to argue that the economic situation has changed in the past five months in a way that means he does not have to keep his word.' You don't think Morrison's surprise trillion dollar deb is a huge change for Labor? Heck, I do!
ad nauseam chatter 🙄 Yet more justification confirming I made the right decision to dump your papers. “The Herald” needs to grow up…
Learned nothing from the election? Do you think it was only Morrison and his Coalition who were routed? Of course that’s your view - CostelloGutterMedia LNPPropagandaRag Of course because is channel 9 and peter costello. We know what you are Have the 2 major parties become nothing more than 2 excruciatingly painful political wedges? Read the room…the ascendancy of teal independents was not accidental…voters crave truth in political policy. auspol
The first sentence says it's fiscal responsibility or political credibility for Labor. Can the SMH not see the nonsense in this manufactured gotcha? Surely doing the fiscally responsible thing is a credible political position and why is the SMH & other MSM not pointing that out? Those stage 3 tax cuts should be dumped. Tax cuts do nothing for wealthy 🤑
So will not raising the rate Good. I don’t need these tax cuts. I want a fairer society.
No they won't Says the media organisation who did this: This works for the SMH too: Hey SMH, would it be a good decision for Australia or don’t you guys do critical analysis. Never ever GST was also a broken promise. No cuts to the ABC also a broken promise. Thanks Peter Costello. It will also be fiscally responsible. So there’s that too.
Might want to provide more context than that since it's supposed to be your job 🙄 Show me you've lost touch without saying you've lost touch. Who gives a rat's about the Costello view?
Who cares what your view is! Not subscribing!! You guys are a fcking joke. Get your boot off our throats. We endured 9 years of LNP broken promises & appalling governance with barely a peep from you. Your “Independent Always” banner is 1984 newspeak - no longer a newspaper, just a propaganda rag for neoliberal shills.
Speaking for Slimebag Turdock again huh? Give it a rest..we're onto you AND Slimebag in case you haven't realised. Your rag is only good for the outback dunny wall.... It's a non core non promise Scrap the stage 3 tax cuts. Most people seem to think it’s a good idea Who gives a shit easy..TaxTheRich Money flows up, it doesn't trickle down. If it trickled down then billionaires wouldn't be able to afford hobby rocket ships. The stage three tax cuts were never a good idea and shouldn't be implemented whether they were promised or not.
Like the SMH has any integrity!😂😂😂 Stephen’s view: go have a sook. Costello's view anyway gutter spin merchants claim to be journos and print trash We discuss the bullshit behind the Stage 3 tax cuts and what Labor might do instead in our weekly podcast. AusPol2022 No. Not a ‘broken promise’, as you RW media like to catch out our new and effective Labor party. It would be a re-assessment in light of the economic circumstances we find ourselves in, thanks to the shameful Morrison government.
Bevan Shields once again shows his lack of vision, and nails his stodgy conservatism to the SMH mast. Gotta keep Peter Costello happy! inevitable Here is an idea. Instead of carrying on over something that hasn't even happened yet, make a list of how many promises the other mob broke.
Nice ratio, guys. RatioWatchAus Can live with this broken promise, can't live with profiting businesses that took $38billion in jobkeeper. That the vast majority of Australians will benefit from!!! It's called responsible government!!! You should try some responsible journalism... Do that and you might find where you lost your credibility... Might even discover some ethics!!!
Remind us again who is your boss. Oh … This is pathetic and exactly why people don't buy your newspaper. If we wanted trashy clickbait we have the Herald-Sun already. Wow, I bet absolutely nobody expected CostelloMedia to be standing up for rich people and the Liberal party? Lol ICYMI, the media does not run this country, it is the role of elected officials. AusPol2022
Get lost SMH. We see your bias, loud and clear Cry about it you Liberal Party goons
Not buying the broken promise scenario. Stage 3 tax cuts were bundled back in 2019, and the Government of today can make that decision. Budget before wealth. Forgot to mention UK - crashed their whole economy. I am at top tier benefit from these cuts but: 1. Not fair as formulated, pure and simple 2. Inflation/interest rates will go to unprecedented levels 3. 'Markets' will spank us all anyway, undoing the benefits Not helping Bev⁉️
Yes, it may well be a broken election promise, but there are few that think it is a promise that should be kept. What would be awesome is if the media acted for the public good and wasn't trying to constantly stir the pot to keep running click-bait articles. Yes, it’s more important to ignore the global economic crisis
They forgot to mention what an abomination and deliberate wedge it was in the first place, the worst kind of dishonesty and breaking of trust Good to see Costello’s memo got direct to editorial The Herald told us to vote for Tony Abbott too at one point. Costello's propaganda rag says what now? Only according to you and this is all just to keep yourselves relevant you couldn't care less about anybody who would benefit from tweaking these tax cuts just something to bash labor with we see you 🧐🧐
At the moment there are bigger priorities, the people on higher salaries need to be helping those suffering in the housing crisis, support initiatives for social good and to fight corruption Im happy to forgo a tax cut to help others in need Typical Murdock BS lol “The Herald’s view” is the LNP view. Murdoch Propaganda rag MurdochGutterMedia
🥱 to think that the West operates differently is delusional. It’s one big broken promise. Costello & his lickspittle at SMH, Bevan “It’s a Strike” Shields will always take the LNP perspective. MSM is Liberal Party media, all of it. What is more important a broken promise or fixing inequity in society?
It will benefit Australia and Australians though, and that’s more important than the view of a parochial pro LNP newspaper like yours. biggerpicture ThisisNotJournalism wedgepolitics Scrap them or replace them with more progressive taxes.
Yes and the right call. It’s going to be a long boring two years. We can’t afford to go ahead with these cuts - those would be beneficiaries will be ok without them. I’d be more disappointed if the Government didn’t scrap them. Playing into the ALP and Indi’s hand - creating a wedge and not getting anything done are the reasons we voted LNP out. We live the job ALP are doing and will keep doing!
DocWSJames Assuming that anyone cares less about tax cuts for the Uber-rich. Sometimes it’s inappropriate to make bad economic decisions as the world heads for a major recession. America has already been in a technical recession for quite some time. Leave the mature political analysis to others. Enjoy your continual slide into irrelevance and obscurity. Nice ratio, btw.
If this is the best that MSM 'journalists' have got they'd be better to pack up & go home. Can't have a proper review of the tax system to look for better ways to raise revenue if any particular measure is locked in place. Hypocrites. Funny how the protagonists are playing class division politics for a tax policy change that doesn’t take effect for another 2 yrs. It does nothing for impacting the current economic landscape which is likely to be quite different in 2024….
Hahaha, imagine arguing that someone on ‘as little as’ $45,001 is ‘benefitting’ from these tax cuts. Someone on $45,001 will get a tax cut of — drum roll please — $0.025. Here you go, champ, go and buy yourself a quarter of a red frog. auspol thisisnotjournalism Whereas keeping it will result in an unfair taxation system that breaks lower income people. Tough choice…not…
Our tax system has been screwed up for lord knows how long. 'Broken promise' is a childlike phrase that shouldn't be used in such an important decision by any one. It is being used as a political dagger in the back to put down Labor who are doing a great job after 9 years of LNP. Strayan meedja is you bewt
Stage 3 is a red herring Who wants you to focus on the small number of people earning $200K (& paying over $60K tax) while millionaires, billionaires & corporates pay zero? Who benefits from you being angry at people who pay a lot of tax rather than those who pay nothing? Bevan Shields and the SMH editors are either incompetent, dopey or making misleading arguments. The stage 1 LMITO was scrapped this financial year, meaning anyone on $37k to $126k is getting a tax increase. High income earners were the biggest winners of stage 2. auspol
Sometimes it's best to prioritise what is in the national interest Labor should explain its rationale and if that makes sense given the times we're in, most people will be okay with that It's how life works. Things change Beating the 'broken promise' drum endlessly is immature He could stay treasurer for a long time.
What’s worse: keeping a promise that benefits rich people or breaking a promise and use the money to save people in poverty? I know which one I’d choose. This crap is exactly the reason I stopped buying your trashy paper.
Bring it on - no one, absolutely no one on $200k a year needs a $9000 tax cut. It would be a broken promise. BUT sometimes there are very good and legitimate reasons to break promises. This is one of them and decent journalists would explain that and sound economics behind that decision! mikeaubrey2 No it won’t.
mikeaubrey2 Ah but is it a core or no-core promise, that is the question. My view: Get real. The Herald is just a mouthpiece for the LNP... Soooo... Who GAF what you think? Poor 9Fairfax, still bitter that their cheerleading for Morrison failed to deliver the Coalition a victory back in may 😆 Oh look, Peter Costello speaks. Actually, scrapping the stage 3 tax cuts would just make them a 'non-core promise'. Remember those? 😆
So what how many broken promises from the LNP? So bloody what. That 'promise' was made on the back of lies covering up billions in debt. It was always a con
They should scrap them. We will applaud them for their sanity and wisdom. Tax cuts = service cuts. We see you, winding up the moral panic machine with your emotive 'broken promises' language. False, self-serving phony baloney. The tax cuts should never have been rammed through in the first place. Reversing them would be excellent policy.
As if LNP ever cared about that or the people of Australia. If the SMH was even half the newspaper it used to be it would be supporting this smart move......but it's become a gotcha rag.....have dumped my subscription..... Costello spoils everything good 🤮🤡😡👎 No, it would be a fair decision based on changed circumstances
Journalists (often well paid themselves) for rich owners, preemptively wedging ALP on inflationary tax cuts for the rich You don’t say 🙄 Personally, I'd rather have a government address the welfare of the nation, with a responsible budget appropriate to the fiscal circumstances, over any one particular election promise. Other than it being 'a promise' what reason is there to retain the stage 3 tax cuts?
I promise I am going to give you this medicine. Oh hang on… the medicine has an ingredient that might make you sicker… Oh well, a promise is a promise is a promise. Tax cuts they voted on to avoid the wedge prior to the election. Tax cuts which are unaffordable in light of global events. Sensible economic management is unusual, yes, after the Morrison govt. Get used to it.
No, it’s smart and necessary sound economic management. Forgoing the tax cuts could fund tangible, significant projects, Medicare, NDIS, etc. Har. The righty-right media has a stake in it. So here's our unbiased, totally objective perspective.
Good boy Bevan, good boy. Keep being Costello’s gimp A broken promise is fine if there's a justifiable reason. The reasons are compelling in this case. Just as tweak 30% up to $100,000 and leave the top end of town where they are. Since when has breaking promises been a problem for politicians? Boo hoo. I’d rather a broken promise than a negative impact to the country
Ok sock it to me. I don’t think someone earning $100 to $180k is “the wealthy.” I think the tax cuts as legislated should go ahead but the top rate should be increased to 47.5% 🇦🇺🍃🐨NOT scrapping tax cuts to over fat cats will be your death knell next election because those made even poorer by it will dump you faster than you can take a breath and not for the fat Coalition either. Keep pushing people to extremes, don’t be surprised by the slap back.
Just when I’m about to consider paying for the Herald again, they run an editorial reminding me why I cancelled my subscription This is just absolute garbage SMH. Who reads the Herald?Probably not the people who would benefit from the funds gained from not giving it to mainly rich men. They could benefit through affordable housing, free medical care, raising the rate.The way the poor are treated by our govs is the real’BROKEN PROMIS’
Honestly, we are adults. Things change, commitments are renegotiated. We need these $$billions to support society as a whole going forward. The tax cuts will be lost and forgotten. I'd rather have a hospital bed when people need one than a tax cut. Can't take it with you, and without a hospital bed, you going...
There is no writer attached to this editorial which suggests that NineCo management demanded this. Is 'The Herald's View' actually just Peter Costello's view? AusPol Commentators passing judgement should nominate their direct personal benefit from the cuts - only fair to fully understand bias THe global economy is changing so policy needs to evolve along with it. Also these tax cuts were released with no modelling and no associated cost savings to balance. The 248 billion cost is better spent on health and education. Thanks and kind regards
Of course Murdoch would say that! The cuts are a LNP promise, not ALP Scrapping stage 3 tax cuts is evidence based policy I believe 'The Herald's View' means 'the whole staff believes this but nobody is willing to put their name to it' Yeah somehow I don’t think ditching this stupid and “privileged for the few law” won’t lose them much votes. MSM sinking to another level of irrelevance as each day dawns ThisisNotJournalism
1/ Whether or not the ALP agreed with the stage 3 tax cuts its possible they had to agree with them because of the fucked up state of the media in this country.
I would be ok with it to deal with the debt and deficit. And/or spend on urgent matters like infrastructure, schools, etc BevanShields strikes again. What a disgrace to so-called editorial independence. Peter Costello is wearing him like a sock puppet. The Sydney Morning Herald failed to say anything about Morrison’s broken promises throughout the three years of his fascist dictatorship. Not hard to see where the Herald’s loyalty lies.
And it begins Here we go again... And then when inflation continues unabated you’ll write the headline, Labor can’t manage the economy, or make the tough decisions, or something similar. Your junket is a bet each way. How about the official SMH view on this so we can nail it to your masthead? Costello media Independent. Used to be.
Sidenote: the owner of your li'l paper wouldn't have a vested interest in making sure that promise isn't broken, would they It's okay to break promises to the poor, though... auspol TaxReform And one AustralianLabor absolutely SHOULD break. Re-evaluating commitments takes place in every home, every workplace. It's what responsible leadership demands. The rich don't need tax cuts & the economy certainly needs the extra revenue auspol TaxReform
smh spreading negativity about the ALP. im shocked. really? who's a good pet toeing the party line.
It was a non-core promise anyway And the right thing to do and good for the country. Will some of your editors and advertisers miss out on the cash splash? Diddums. SydneyMoaningHerald ChannelNein Pete wants his tax cut. Bevan agrees. I want a pony for Christmas. If I don’t get a pony for Christmas, Santa’s going to be in deep shit.
But a necessary one. Scrapping stage three tax cuts is what is good for the economy and the country as a whole. The previous LNP left the economy in a mess and scrapping these unnecessary tax cuts is what a responsible govt would do. auspol SMH is in a state of delusion and it’s analysis is worthless – “stories” repeated by an courtiers, full of platitudes and indignation, signifying nothing.
AlboMP is always lied. Labor will tax the hard working middle class more to satisfy their socialist roots and pamper the lazy leaners. It’s time to buckle up and save. I will be stopping anything I give to charities now. They don’t need it. boycottcharities ACOSS You continue to lose readers for a reason
It's not a broken promise if there is new information which provides s better alternatives The people to benefit from those tax cuts didn’t vote for Labor anyway.
Well that’s just fine with me. Peter Costello’s view and those of many other rich ppl. It’s also unconscionable to up national debt to pay for the cuts. Mum promised you could go to Disneyland. But then Dad lost his job and a war broke out. Maybe now’s not the best time to go dear. Sometimes promises need to be broken. It’s called responsibility.
Tax and spend is the Labor way. They don't care about promises. Remember Gillard and the carbon tax lie? It’s also the responsible thing to do you biased pricks. Those tax cuts were predicated on, and paid for by, Frydenburg's and Morrison's claim that the budget would be in surplus. Was it the 'Back in Black' budget? If the surplus was a myth, why should those tax cuts go ahead when we need revenue to pay for the Coalition's megadebt?
The promise of tax cuts came from the losers in the LNP so should be scrapped -they were an election stunt that didn’t work! Who promised these tax cuts as a political stunt to hold on to power? Why is there so much angst over modest tax cuts for hardworking mums and dads. We spend billions on welfare. Its time the taxpayers who pay for this welfare get to keep a little more of their earned money. Fantastic that AlboMP is standing by his word! stage3taxcuts
Here ya go, some actual broken promises…
Now they're in government they've a better view of the fiscal disaster Morrison left. That should be enough. Just sell it as most see the big cuts as a gift to those who don't need it. That is ok, they should not have existed to begin with. It will definitely be a broken promise. Many of us saw this coming, because Labor can always find an “economically sound” reason to increase taxes. It’s always been their weakness, just like the Libs have a weakness for cutting services too far deep. We’ll see if they fail!
Even if it's a broken promise, it's the right thing to do. With a trillion dollar debt hanging over our heads, tax cuts are a luxury we can't afford until the debt is paid off; which won't be in our lifetime. Repulsive. What a putrid little rag the SMH has become. Oh ffs … but would be be a good decision is the most important question .. no wonder the MSM is dissolving into irrelevance
To continue with the stage 3 tax cuts is not viable in the current economic climate. There are far too many who pay little or no tax ATM, maybe that's where the discussion should be concentrated rather than a broken promise by the ALP. A dying masthead holding hands with the rancid Murdochracy chooses a gurgler to go down. Stage3taxCuts
If a promise is going to cause more harm than good, should it be broken? If the reasons for breaking a promise are clear and understandable, should the break be forgiven? Really ? Oh grow up Changing circumstances requires measured economic strategies This is straight up pushing Coalition narrative 🧐 Electorate over this nonsense 🙄
Hmm, break a ‘promise’ based on ridiculous legislation introduced by LNP or potentially plunge Australian into a recession? I know which one I’d rather have. But that’s no reason not to do it. You’ll remember that in Australian politics there are core and non-core promises. Balderdash. Poppycock. Flummery. Moonshine. Enough of this drivel. Any sensible person can see these tax cuts were set up precisely as wedge. They are nothing but a mirage. Had Morrison won he would scrap them right now. You would be singing hymns of praise to his genius. auspol
a trillion in debt and the cure is a quarter trillion in tax cuts , yeah that makes sense Utter shite of a viewpoint. What's the bet this editorial is written by someone who will benefit from stage 3 tax cuts, not who will be worse off. Good. Now let’s get on with it. It's not a broken promise. You're a disgrace to journalism.
Meh. Very much an undeserving cohort that will miss out on the massive windfall if passed in it's present form. lol they’re just trying to scare the people in higher tax brackets that can actually afford to read their $4/day newspaper Why are we not able to comment on this tweet?
You’re reporting on something Labor haven’t done yet. For a decade the LNP broke numerous promises & you failed to report them at all. Why is that Mr. Costello crumb maiden? Greedy ghouls voice their opinion. 💰 If they , do No 6 years or even 9 years in power Far right wingers are hoping for it Dutton and Morrison baby , it was
The Labor leadership have said repeatedly they are not intending to cancel the Stage 3 tax cuts. This entire kerfuffle is a media driven attempt to wedge Labor. Australian's have one of the lowest tax burdens in the OECD. Meanwhile our public services are in free fall. Poll after poll shows Australian's want radical improvement in the quality and scope of public services. This has to be paid for. It's time we grew up.
I think the media in general under estimate the intelligence of the Australian people, most people understand that they aren't prudent or affordable and should be scrapped. When circumstances change our responses to those circumstances must also change. Who cares about 'broken' promises. It happens everyday, everywhere, to all of us. Scrap the stage 3 tax cuts. End of story.
Sounds like you are worried he might actually do it.
to save articles for later.to save article Share The Albanese government should do the honourable thing by scrapping the “very dodgy” stage three tax cuts to pay for its “extremely expensive” planned spending, former boss of the Reserve Bank of Australia and Treasury Bernie Fraser says.I am rather puzzled as to why people are getting tied up in knots over the thought of the stage three tax cuts being axed all because an election “promise” was made.to save articles for later.
Normal text size Very large text size Advertisement The federal government faces a defining choice between fiscal responsibility and political credibility in its first budget on October 25. Fiscal prudence argues the government should trim the stage three of tax cuts passed in 2019 and due to take effect from 2024. Penny Bradfield Mr Fraser also urged the government to consider reintroducing carbon and mining taxes and removing housing tax breaks such as the capital gains discount and negative gearing. The cuts to rates and raising of thresholds in stage three will cost the budget at least $243 billion over 10 years. Where is the money coming from to pay for them? We all know where from: funding slashed across the board, from entities that can ill afford it, for what? It is not going to be an advantage for the average Aussie battler. The federal government can ill afford such a huge giveaway at a time when the budget is still deep in deficit and forecast to remain in the red until the end of the decade. “Where does the money come from?” he asked. In an ideal world, the government should be trying to repair the budget now by raising revenue.5 per cent tax rate to 30 per cent for people earning between $45,000 and $200,000.
Yet Treasurer Jim Chalmers is being pulled in two directions because of the circumstances which brought him to government.” Advertisement Labor took to the election $18 billion over four years of higher spending than the Coalition on areas such as childcare subsidies, clean energy, aged care, skills, health and education. The fact that a political party makes certain promises, albeit in good faith, prior to an election, should not mean that these commitments are immutable come what may. Whatever the problems with the stage three tax cuts, both Chalmers and Prime Minister Anthony Albanese unambiguously promised during the federal election campaign that they would allow them to take effect. No ifs and no buts. Mr Fraser accused the former Coalition government of depriving social programs of required funding. So, if they scrap stage three, they break a promise. Advertisement The mark of a mature, responsible, government is to act according to the prevailing situation, but that task is not assisted by commentators in the media invariably describing such policy change as a back-flip, U-turn or betrayal, instead of praising a difficult, but sensible and courageous reappraisal. In recent speeches, Chalmers has appeared to argue that the economic situation has changed in the past five months in a way that means he does not have to keep his word. The stage three tax cuts legislated to begin in July 2024 were unfair because they favoured higher earners and the budget situation had deteriorated since 2018 when they were announced by the former Coalition government, he said. And also the most significant in terms of the shift in the tax scales because they remove a tax bracket,” she said.
″The fiscal position we find ourselves in means that we will have to make some difficult decisions with this budget,” “We must be serious about rebuilding our budget buffers – particularly given the deteriorating global outlook.” It is true that many economists have changed their views of the global economy since the election . Advertisement “There is no honour in a government standing by a very dodgy commitment,” he said on Thursday. Cathy Wilcox’s apt cartoon (6/10) says it all. As inflation has surged because of factors such as the war in Ukraine and excessive pandemic fiscal stimulus, central banks around the world have jacked up interest rates at an unprecedented pace. Chalmers said on Friday that this rapid tightening of monetary policy could cause a hard economic landing next year. “I wouldn’t have really expected Labor to support this measure. He says the shock could be as serious as the great financial crisis or the pandemic. Of course, they are exceptionally busy on many matters but where are they on the environment? Barbara Fraser, Burwood If conditions change the setting should be adjusted Why do politicians call this a “promise”, to be set in stone? It’s a “policy setting” made under conditions prevailing at the time. So there is a real argument for doing something,” he said.
Advertisement But even if there is a recession in 2023, which is still not certain, it has no obvious bearing on the case for tax cuts in 2024.” At the time the budget was in balance and projected to be in surplus, but since COVID-19 perennial deficits are forecast, because of structural spending blowing out by about $50 billion a year. Chalmers has also floated the argument that in tough times he wants to target spending to the most needy. It is true that the stage three tax cuts will bring proportionally more benefit to higher income earners. Advertisement The stage three tax cuts – the culmination of a seven-year, three-step process that has already benefited low and middle income earners – would abolish the 37 per cent bracket that applies to income between $120,000 and $180,000, and apply a 30 per cent rate to all earnings between $45,000 and $200,000. What may be appropriate given the global economic situation would be to delay implementation for three or four years. The Parliamentary Budget Office said half of the cuts will go to people earning more than $180,000. But lower income earners benefitted in stage one and two two years ago and under stage three they will benefit again because the marginal tax rate will fall from 32. The 2 per cent Medicare levy is on top. If consumers are benefiting, clearly, business is benefiting,” she said.
5 per cent to 30 per cent for people earning as little as $45,000. Progressive churches no longer demand that members must sign onto a rigid statement of faith that includes areas such as sexual orientation, abortion or euthanasia. In any case, the impact of the tax cuts on different income groups was well known before the election, when Chalmers and Albanese made their promise. Arguing the nation needs to collect more tax to pay off debt and fund essential services – including paying teachers, health and aged care workers more – Mr Sims said that changes to transfer pricing rules for multinational companies and a new way to pay for roads are badly needed. The Herald acknowledges their dilemma but if they do not want to trash their government’s reputation in its first six months they must let the tax cuts stand. Voters chose Albanese not just for his economic platform but also for his pledge to restore honesty and predictability in government. Advertisement She said miners paid a combined $43. For the critics of Andrew Thorburn to make a case by highlighting a sermon preached by someone else 10 years ago is spurious indeed. They wanted change after the internecine backstabbing of the Rudd-Gillard years and after the Coalition churned through three prime ministers in nine years while offering only empty rhetoric on issues such as climate change and a National Anti-Corruption Commission. Professor Miranda Stewart, director of the tax group at the University of Melbourne, said what was interesting about UK events was that the proposed tax cut was “politically unacceptable”.
If Albanese and Chalmers break their promise on tax cuts, before building up a track record, they would just jump back on this treadmill. Company taxes paid reached a record high of $26. From Paul Keating’s aborted L–A-W tax cut in 1993 to Julia Gillard’s U-turn on a carbon tax in 2010 to Tony Abbott’s pledge on billboards in 2013 not to cut hospitals or schools or the ABC, voters have taken a very dim view of prime ministers who tell porkies during an election. I am curious to know how the football club would have responded if Thorburn was a member of another major faith. In advocating keeping stage three it is important to acknowledge that something must be done to raise more revenue to pay for improved government services, which the community has said quite clearly it demands.7 billion in fiscal 2021, contributing significantly to federal, state and territory governments at a time when they needed it most during the COVID-19 pandemic. Putting it all on the tab is not the answer. The recent collapse of the British pound has shown that financial markets will punish governments that run reckless deficits indefinitely. “The effective tax rate on Australian mining investment is already high relative to many mining jurisdictions in other countries. Not unreasonably, the Liberal Party wants the employee to endorse Liberal values and enact Liberal policies. “High-income earners have a lower propensity to consume, which means that they’re more likely to save some of it rather than spend it all,” she said.
Loading Chalmers must therefore open a much wider conversation about tax reform which puts everything on the table, from personal income and corporate tax, to taxes on retirement savings and business, to the GST and carbon and mining taxes. Australia needs a creative and comprehensive program of tax reform that will raise revenue, boost productivity and create a fairer society.“ is Economics editor at Parliament House, Canberra. Bevan Shields sends an exclusive newsletter to subscribers each week. It is not discrimination, it is not cancel culture, it is not silencing Christians. . John was Washington correspondent covering Donald Trump’s election.