Australia senate backs US$110 billion tax cut plan to boost economy

SYDNEY: Australia's upper house Senate passed on Thursday A$158 billion worth of tax cuts over the next decade, the centrepiece of the conservative government's plan to boost an economy that is threatening to stall.

"Low-and middle-income earners will keep more of what they earn and have more money in their pockets. This will ultimately boost household consumption, which will be good for the overall economy," Prime Minister Scott Morrison said in a statement. The tax cuts are welcome relief to Australia's central bank, which has said government action was needed to boost consumer spending in order to revive an economy that is growing at its slowest pace in a decade.Data from the Australian Bureau of Statistics on Thursday showed retail sales rose a pedestrian 0.1 per cent in May after falling 0.1 per cent April, and below analysts' forecast of a 0.2 per cent gain.

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