Perspective: Morrison must deliver the full tax-cut meat pie
Tax cuts are firmly on the table for when Treasurer Josh Frydenberg delivers his much-anticipated second federal budget in less than four weeks.
Can't quite recall all the details of that ambitious seven-year tax plan? Don't worry, let me give you a brief refresher.Let's start back on April 9, 2018: the date then prime minister Malcolm Turnbull racked up his 30th Newspoll showing the Coalition in a losing position – a failure on the same yardstick he held against Tony Abbott's leadership.
At the time, economists questioned the wisdom of prioritising tax cuts over budget repair. Yes, protecting Australian workers from the scourge of "bracket creep" – where wage gains push some workers into higher tax brackets – is an ever-present job. But amid tepid wages growth, that was less of a pressing problem.
Amid the coronavirus-induced recession, economists are now largely in favour of further tax relief to both increase incentives to work in the economy and boost potential consumer spending.With key support measures such as JobKeeper set to be unwound in the new year, tax cuts are one of several support measures economists say will be needed to avoid a sharp contraction in the economy in 2021.
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