Millions of Australians are set to take home less of their income as the federal government proceeds with scrapping tax cuts for middle-income earners.
The federal government’s decision to discontinue a tax offset for middle-income earners comes as the scheme was becoming too expensive.
This stimulus package was introduced under the former Morrison government as it was originally a measure designed to support households and encourage people to spend in propping up the economy at the start of COVID-19. Some economists have called this scheme inflationary and suggested it is the right move to discontinue it, but some others suggest it should be extended as cost of living pressures increase.
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