Personal tax cuts may be pulled forward by the government in next month's budget to help the economy out of its deepest recession since the Great Depression | swrighteconomy
The Morrison government is actively considering pulling forward $158 billion worth of personal income tax cuts in next month's budget to boost the economy out of its deepest recession since the Great Depression.
The $158 billion in personal tax cuts that are due to start in mid-2022 and mid-2024 are also being considered as a way to get people spending."The tax cuts are in three different stages, and we are considering the timing of those tax cuts, and any announcements would be made in the budget," he said.The economy had its biggest quarterly contraction since records started being collated in 1959 and, together with the 0.
It was the lowest amount spent in a three month period by the nation's households since December 2013., household savings soared to 19.8 per cent, the highest level since 1974, which had the previous record quarterly drop in GDP. Net exports added a full percentage point to growth, but this was due to imports dropping more than Australia's sales to overseas markets. Government spending added another 0.6 percentage points with much of that through direct support of the health sector.
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