NewsCO.com.au – Malcolm Turnbull dangles middle-income tax cut during Business Council of Australia speech

November 20, 2017

Updated

November 20, 2017 23:58:03

Middle-income earners could get a tax cut before the next election, Malcolm Turnbull has hinted.

The Prime Minister foreshadowed the measure during a speech to the Business Council of Australia on Monday night.

“I am actively working with the Treasurer and my Cabinet colleagues to ease the burden on middle-income Australians, while also meeting our commitment to return the budget to surplus,” Mr Turnbull said.

People earning $87,000 or less pay up to 32.5 per cent in tax.

Australians in the next bracket — up to $180,000 — pay up to 37 per cent.

“Our marginal tax rates are high, bracket creep is a constant challenge that needs to be addressed,” he said.

“Higher taxes penalise people who are trying to get ahead.

“When you reward hard work and enterprise, you encourage hard work and enterprise — it’s pretty simple.”

Mr Turnbull said the Government had lifted the second highest tax bracket in 2016, helping “about half a million Australians” avoid so-called bracket creep.

He also said the Government had addressed cost-of-living pressures through changes to childcare and private health insurance.

Speaking to corporate leaders, Mr Turnbull confirmed the Government would pursue tax cuts for all businesses.

“If we don’t reduce our corporate rate to 25 per cent as planned … the only advanced nations that will exceed Australia’s tax rate are Japan and Malta,” he said.

Parliament has only passed tax relief for firms with annual turnovers of up to $50 million.

Topics:

government-and-politics,

tax,

federal-government,

australia

First posted

November 20, 2017 21:50:17

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