Australian taxpayers are set to see more dollars appearing in their bank accounts each pay cycle as long-awaited tax cuts kick in. The saving depends on tax brackets but federal government analysis shows the average full-time worker earning around $98,220 will be getting a cut of $2134 a year, or $41 a week. Yet with higher mortgage repayments, rents and other living expenses, shoppers polled by AAP said any extra money would be going towards essentials, like groceries.
Based on Compare the Market’s calculations, someone with a $700,000 home loan was having to find an extra $18,000 a year compared to before rates started going up. “For a lot of people, just going to help them either catch back up, or cope with an August interest rate increase,” Koch said. The cuts were first legislated under the former coalition government but reworked by Labor earlier this year in a controversial broken promise.
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