Australia to Cut Taxes for Low- to Middle-Income Earners, Report Says
(Bloomberg) -- Prime Minister Scott Morrison’s government will bring forward tax cuts for low and middle- income earners when it unveils the federal budget on Tuesday, the Australian Broadcasting Corp. reported, without saying where it obtained the information..
Those on incomes between A$37,000 and A$126,000, or about 10 million Australians, will receive the relief, according to the report. The cuts come as the government reshapes a seven-year tax plan that has already been legislated, the ABC said.
Trailing badly in opinion polls before elections next month, the budget offers the Liberal-National coalition government a chance to close the gap with the main opposition Labor party. Morrison has already earmarked about A$9 billion ($6.4 billion) for expected pre-election giveaways and the treasure chest may be even deeper, as stronger than expected commodity prices and rising employment boost tax receipts.
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