Personal income tax cuts will be a key feature of Josh Frydenberg's recession-busting federal budget as signs emerge the recovery in the jobs market is increasingly reliant on the gig economy | swrighteconomy JennieDuke
Giving evidence to the Senate's COVID-19 committee, senior Treasury official Luke Yeaman confirmed the department had modelled the impact of changing the timing of the tax cuts."We have modelled and provided analysis and briefing advice to the government on the economic impacts of a whole series of measures including around payments, around tax system, around business incentives as well," he said.
"The way to get our budget back to where it was is to grow the economy. And that will take years. This is a long, hard, bumpy road," he said. In NSW, the nation's biggest jobs market, the jobless rate dropped to 6.7 per cent from 7.2 per cent. In original terms, total employment lifted by 44,200 in August. Sole traders, who do not employ any staff, increased by more than 50,000. Many of these sole traders work in the gig economy.
She said while the overall economy would need more support via the budget, there were positive signs.
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