Prime Minister Anthony Albanese says the government has not considered scrapping much-publicised stage three income tax cuts legislated by the former Coalition government.
The Greens, various think tanks and some economists have urged Labor to amend or revoke the tax cuts, which some argue give too much benefit to wealthy people and take too much revenue say from the government that could be spent on services.
ABC host Michael Rowland noted the tax cuts would give large income tax relief to wealthier Australians. Albanese indicated the government could make more changes to the Jobseeker payment, which was increased by $40 per fortnight in the budget, in future. He said some budget measures, such as capping energy prices, would actually help lower inflation by three-quarters of a per cent.“What we’ve done is to take pressure off families without putting pressure on inflation.Albanese said prominent economist Chris Richardson, who this morning said the budget would put upward pressure on rate rises, might have made the comments in order to “get a run” on television.
“That will put us on a more sustainable footing, not for its own sake, but so we can help people in our community and invest in our future,” he said.But Prime Minister Anthony Albanese will speak shortly.Treasurer Jim Chalmers rejected concerns that Labor’s budget could increase inflation and put pressure on the reserve bank to lift interest rates.
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