Middle to lower income Australians will be the biggest beneficiaries of the tax cuts in next month’s budget Treasurer Scott Morrison has confirmed, saying they will be skewed away from higher earners who benefited this year from a lift in the second highest tax threshold from $80,000 to $87,000.
“We acknowledge that as our economy continues to strengthen and as our budget position is improving, many Australians have been doing it tough and many are yet to experience the benefits of that growth,” Mr Morrison told an audience of business economists in Sydney.
“This is why it is important that when we consider any plan for tax relief, middle to lower income families will come first.”
Treasurer Scott Morrison delivers his pre-budget address to the Australian Business Economists luncheon in Sydney on Thursday.
Photo: AAPAlthough he didn’t specify the form of the tax cuts, he indicated they would be used to return the proceeds of the process known as bracket creep, where taxpayers sacrifice more of their income as wage rises push a greater proportion of it into higher tax brackets.
Bracket creep could be returned by cutting tax rates but would more likely be done by lifting thresholds.
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