Anglicare Australia called on the Government to dump the Stage 3 Tax Cuts following today’s mid-year economic update, which shows the cost of these tax cuts has blown out to $313 billion dollars over the next ten years.
Anglicare Australia Executive Director Kasy Chambers said the tax cuts are not just unfair, but could push up living costs for people already doing it tough.
“The Government says it wants to fight inflation and bring down the cost of living, but the cost of the Stage 3 Tax Cuts has now soared to $313 billion.
“That means giving hundreds of billions of dollars to people who don’t want or need it – which could push up living costs for everyone else.
“Spending from wealthier people, especially those who aren’t being hurt by interest rates, has been a big barrier to getting inflation under control. The tax cuts will only make that problem worse.
“Our latest analysis shows that the tax cut going to a high-income earner every fortnight could buy a tank of petrol, groceries, car insurance, and mobile phone use for a low or middle income household.
“We also found that targeted cost-of-living relief wouldn’t add to inflation. “This is a no-brainer. The Government can’t afford to push ahead with tax cuts that will be unfair, unpopular, and worsen the cost of living crisis. It’s time to scrap them once and for all.”