Dismissing calls for a major tax shake-up, the government intends to continue pursuing incremental reform in what it calls 'bite-sized chunks', including its already announced changes to superannuation tax breaks, tobacco excise and the petroleum resource rent tax.
abc.net.au/news/intergenerational-report-labor-tax-shake-up-ruled-out/102760884Sweeping tax reform any time soon has been ruled out, despite growing pressure on the federal budget identified in this week's Intergenerational Report.While the budget is currently in surplus, he is warning of tough times ahead
Government sources, who asked to remain anonymous so they could speak freely, have confirmed there would be no further income tax change beyond the stage-3 tax cuts in this term of parliament. The report is also expected to reveal revenue from fuel excise being "smashed" over the years ahead, as more motorists shift to electric vehicles.
"When you try to do everything at once, you run the risk of not doing much," one source told the ABC. More can be achieved, it's argued, through "bite-sized chunks".In the short-term, the budget is looking healthier, mainly thanks to a stronger-than-expected jobs market.
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