The Morrison government is actively considering pulling forward $158 billion worth of personal income tax cuts in next month's budget to boost the economy out of its deepest recession since the Great Depression.
The $158 billion in personal tax cuts that are due to start in mid-2022 and mid-2024 are also being considered as a way to get people spending."The tax cuts are in three different stages, and we are considering the timing of those tax cuts, and any announcements would be made in the budget," he said.The economy had its biggest quarterly contraction since records started being collated in 1959 and, together with the 0.
It was the lowest amount spent in a three month period by the nation's households since December 2013., household savings soared to 19.8 per cent, the highest level since 1974, which had the previous record quarterly drop in GDP. Net exports added a full percentage point to growth, but this was due to imports dropping more than Australia's sales to overseas markets. Government spending added another 0.6 percentage points with much of that through direct support of the health sector.
swrighteconomy Cut personal taxes, company taxes, gst, state taxes, deregulate, etc. oh yeah, and cut government spending. Clocking up the debt is only going to lead to another crisis down the road.
swrighteconomy The tax cuts are for their friends who are holding board seats for them after they leave office.
swrighteconomy Will we have to pay for our own tax cuts like the Super early access scheme or the rumoured Super rate hold?
swrighteconomy Hope it creates as many jobs as cutting penalty rates did
swrighteconomy Rolling out that old useless chestnut again 🙄 Won't be any more effective this time drongos!
swrighteconomy Incompetent LibLab. No plan, no understanding or care to build a productive, sustainable, sovereign economy with real jobs. 20 years of digging dirt, selling off our wealth, dumb population property ponzi. Time for change.
swrighteconomy any new ideas from our Treasurer...
swrighteconomy Show us one example where this has worked more effectively than stimulus aimed at those parts of the economy that will spend the highest proportion of the stimulus, ie the poor. Why these ideological fools have not come under greater scrutiny from the Forth Estate is beyond me.
swrighteconomy Mine will go straight to paying down the mortgage
swrighteconomy Yep cos people on $200k per annum need an extra $18k😕
swrighteconomy It didn't do anything last time but let's do it again!
swrighteconomy Tax cuts that ONCE AGAIN, disproportionately advantage high income earners.
swrighteconomy Bit hard to pay income tax when we are all unemployed. This gov is useless
swrighteconomy Do journalists ever question why the solution to all our problems, in good times and in recession, is to cut taxes? How does that make any sense?
swrighteconomy That's all this mob have got, tax cuts. Popular but pointless they add nothing but talking points. Still got $1000 from last years tax cut
swrighteconomy Fkn lol, tax cuts is the only idea these fools have, ah well, straight on the mortgage it goes.
swrighteconomy Our leaders are puppets working for the rich.
swrighteconomy Blatant theft of taxpayers money with NO RETURN. Those cuts will simply be used to pay off loans. Stimulating the economy happens when money goes to those who will actually SPEND IT, LOCALLY, not by slashing Jobseeker/keeper, overtime, etc, etc! Remember how we ‘escaped’ the GFC?
swrighteconomy How predictable. & note how the media this morning is framing this as a good thing in a recession - so the masses will think it’s all about them. We’re in so much trouble. auspol
swrighteconomy It should be zero percent tax on labour income.
swrighteconomy What happened to 'best way out is Jobs Jobs Jobs'
swrighteconomy Tax the church's
swrighteconomy Direct spending on infrastructure, including social housing, is what is needed.
swrighteconomy
an_untamed swrighteconomy They’ll be saved by those in a job who are scared of losing theirs, and won’t help those without s job and not paying tax. What bit of stimulating don’t they get?
swrighteconomy That glorious warm liquid gold tricking down onto the unwashed masses ... it ain’t gold
swrighteconomy Joshy gonna cut the crypto tax? Cmon big dog. bitcoin ausfintech crypto
swrighteconomy Scoop. It won’t.
swrighteconomy That’ll just increase my savings rate (even more)
swrighteconomy Tax cuts are not stimulus. This will barely make a dent.
swrighteconomy Not real helpful if you've lost your job
swrighteconomy And it'$ $till the $ame old $tory, and it'$ alway$ been the $ame, it'$ the rich what get$ the plea$ure , it'$ the poor that get's the blame.
swrighteconomy We are fighting a much bigger virus than Covid it is the Andrews virus sadly... May a god take mercy on your soul for what you have done
swrighteconomy Please make some free stuff freeer. Whispers: Gosh.
swrighteconomy Stop hedging tax bafoons. Highest bidders. Baha! Just go hit the bottle next year! LevelSocietal maybe that fixes the rates!
swrighteconomy That will help the party donors.
swrighteconomy Tax cuts wtf? Have to have a job to pay tax! Don’t do bloody politics now...beginning of Austerity that will crush us all. Look we gave you a tax cut so we have to cut services and spending and..omfg.
swrighteconomy
swrighteconomy The federal govt is in neo-lib fantasy land... Ideologically clusterfucked.
swrighteconomy Are they serious
swrighteconomy Idiots
swrighteconomy BREAKING: You actually have to be earning and paying tax in the first place before tax cuts mean anything FiscallyClueless
an_untamed swrighteconomy That’ll do bugger all but be an announceable promo
swrighteconomy Dear Lord, we’re screwed with this bunch. Tax cuts is the last thing a sensible government should be doing right now. Spend, spend, spend.
swrighteconomy auspol ScottMorrisonMP ausFRAUD
swrighteconomy TREASURER JOSH FRIED BRAIN.
swrighteconomy Genius 😂 How hopeless is this govt?
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