Low and middle-income Australians lose in personal tax overhual
Millions of low and middle-income Australians face being $1080 worse off each year unless the government revisits its recent overhaul of the personal tax system. As it stands, the end of the low and middle-income tax offset for the 2021-2022 financial year means people earning between $48,000 and $90,000 will lose $20 per week from their take-home income. Although the government announced in the federal budget that tax cuts planned for mid-2022 would be brought forward as part of its coronavirus response, this move only benefits those earning more than $90,000. Federal Health Minister Greg Hunt says the only reason Victorian Premier Daniel Andrews could have to keep Victorians in lockdown would be a lack of confidence in his contact tracing teams. In this episode, national editor Tory Maguire is joined by senior economics correspondent Shane Wright to dissect the consequences of the government's personal tax overhaul. Subscribe to The Age & SMH: https://subscribe.smh.com.au/ See omnystudio.com/listener for privacy information.