Stage 3 tax cuts a bad deal

The AusDems attended The Australia Institute’s Revenue Summit at Parliament House in Canberra on 27 Oct 2023 where Labor, Greens and independent MPs discussed ways to support government revenue. 

Analysis presented by Greg Jericho of The Australia Institute at the summit found that the government could save a whopping $177 billion over ten years if the ALP Government decides not to proceed with the part of the Stage 3 tax cuts that benefit those on incomes over $120,000. 

These cuts for the top end amount to 80% of the total benefits of the Stage 3 tax cuts, yet they go to only the top 12% of income earners.

Instead of giving a hand out to the top income earners, here are a few ideas for how the Australian Government could better spend that $177bn saving over the next ten years:

  • Properly fund social housing
  • Lift JobSeeker by $250/fortnight
  • Spend $50bn on investing on the renewable energy economy and maintain our competitiveness in response to the US’s massive green energy legislation, the Inflation Reduction Act

In fact, we could afford all of these by stopping the tax cut for high income earners!

It’s time to stop the cuts.

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