Redesign the Stage 3 Tax Cuts
The Stage 3 tax cuts cost too much and deliver little benefit to those who need it—and will leave Australia less fair.
Stage 3 will be the most expensive and inequitable tax cuts in Australia’s history when they come into effect in July 2024 – costing $320 billion in lost tax revenue in their first 10 years.
But there is still time to act.
If the Federal Government does not scrap the Stage 3 tax cuts, they can redesign them to be better and fairer, delivering more money to 80% of taxpayers.
Australia Institute research shows that the Stage 3 tax cuts could be redesigned to:
- Give more money to those who need it most
- Deliver bigger tax cuts to everyone earning between $45,000 and $124,600 a year (80% of taxpayers)
- Save up to $130 billion that could be spent on public services and raising the rate of Job Seeker to the level of the Aged Pension.
Times have changed since these cuts passed the parliament under the Morrison government.
Inflation, soaring interest rates, and the cost of living crisis are hitting households hard. We know that in their current form, the Stage 3 tax cuts will make these problems worse.
We need to do Stage 3 better and redesign these tax cuts.
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To the Parliament of Australia --
Stage 3 will be the most expensive and inequitable tax cuts in Australia’s history when they come into effect in July 2024 – costing $320 billion in lost tax revenue in their first 10 years.
The Australia Institute has proposed four alternatives that would redesign the Stage 3 tax cuts to be bigger and fairer for 80% of taxpayers and save up to $130 billion.
Australia Institute research shows that most Australians think adapting economic policy to suit changing circumstances is more important than keeping an election promise.
Times have changed since these cuts passed the parliament.
Inflation, soaring interest rates, and the cost of living crisis are hitting households hard. We know that in their current form, the Stage 3 tax cuts will make these problems worse, not better.
Redesign the Stage 3 cuts to make them better, fairer and cheaper.