Treasurer Jim Chalmers’ second budget surplus has been underwritten by the highest share of personal income tax since before the goods and services tax was introduced in 2000 and has led to renewed calls for a tax system overhaul.
The amount of income tax paid by Australians boomed due to an extra 1 million people securing jobs under the Albanese government and bracket creep where rising wages push up average tax rates.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
