The $368 billion nuclear submarine deal has prompted fresh calls for tax changes, including the stage three cuts, to pay for the boats.
Credit:Despite the added pressure on the budget, federal treasurer Jim Chalmers said after the submarine announcement on Tuesday “our position on the tax cuts hasn’t changed”, while acknowledging “we need to make sure that we can find ways to make the budget more sustainable more broadly”.
“Raising the GST isn’t going to help – people are already doing it tough enough as it is. We can’t be putting everyday items further out of reach for people,” she said., due to take effect from July 1, 2024, will abolish the 37 per cent marginal tax rate for those earning over $120,000. It will also reduce the 32.5 per cent tax rate to 30 per cent for people earning between $45,000 and $200,000.
“I think the personal tax cuts should go ahead. They don’t have to find money, they have to curtail their spending.” Four of the lower house teal independents – Sophie Scamps, Kate Chaney, Zoe Daniels and Allegra Spender – all said the submarine announcement should prompt a broader debate about reforming the tax system.was wrong and “I believe that we should use this opportunity to have a broader discussion on reforming the way we tax corporates”.
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