Australians earning under $126,000 a year could suffer a big hit to their hip pocket as the Albanese government moves to ditch the Low-Middle Income Tax Offset.
, Treasurer Jim Chalmers will not extend the Low-Middle-Income Tax Offset when the federal budget is delivered in May.
The LMITO, which costs the budget $11 billion a year, was introduced for the 2018-2019 financial year as part of the first stage ofUnder the scheme, people earning between $37,000 and $126,000 received up to $530 when they filed their tax returns, with the offset later extended and increased to $1,080 ahead of the 2019 federal election.
Leading economist Chris Richardson warned the end of the offset would hurt the economy and households amid high inflation and interest rate rises.
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