The halcyon days of back-to-back surpluses are over but you can expect more energy rebates and perhaps some surprise announcements
The upshot: a budget on Tuesday and a May election to be announced – potentially – days later.We know that the deficit in this financial year won’t be too far below the $26.9bn predicted in December’s mid-year fiscal update.
That means there could be some extra billions in provisions squirrelled away in an election war chest – otherwise known as “decisions taken but not yet announced”.
The governments of the day achieved this via bracket creep. As workers’ incomes increase, their average tax rates rise. If the marginal tax thresholds are not adjusted, an increasing share of the average worker’s wage goes to tax.Theoretically and taken to its extreme, if income thresholds were never adjusted up, we would eventually all be in the highest tax bracket.
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