The federal government will slash the stage three tax cuts for those earning $200,000 from $9075 to $4529 in what Anthony Albanese has defended as a necessary backflip to help struggling households.
The changes, the full details to be approved by caucus today, include lowering the 19 per cent tax rate for incomes up to $45,000 to 16 per cent, and reinstating the 37 per cent rate for those earning between $135,000 and $190,000, after which the 45 per cent rate will apply.
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Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
Tom McIlroy is the Financial Review’s Canberra Bureau Chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
