A surprisingly large number of people are unaware of the stage three tax cuts, which may make them more likely to spend their share of $23 billion, adding pressure to inflation.
Australians could pump close to half of the $23 billion stage three tax cuts back into the economy, according to Westpac research that raises doubts about official projections the extra cash will be almost entirely stashed away.
About 15 per cent said stage three was not applicable to them, while 27 per cent said they expected to see no effect, and another 20 per cent said they didn’t know. Unlike lump-sum economic stimulus dished out during the pandemic and the global financial crisis, the tax cuts will hit consumers’ bank accounts in small increments as they receive their regular pay.
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