#1
#1 out of 2
politics15h ago
Infuriating reason Aussies are $2,000 worse off every year
- Latest: Critics say bracket creep leaves Australians about $2,000 worse off per year due to non-indexed tax thresholds.
- Supporters argue inflation pushes workers into higher brackets even as living standards stay the same.
- Budget outlook shows tax-to-GDP ratio rising, with 2023-24 hitting a record 12.7% of GDP for personal income tax.
- Opponents say higher tax receipts reflect policy choices, not real purchasing power gains.
- Treasury reviews include unwinding capital gains concessions and restricting negative gearing.
- Jim Chalmers says reforms aim at intergenerational fairness as budget decisions loom.
- Analysts warn about long-term intergenerational inequity if brackets aren’t indexed annually.
- The May budget is set to consider tax changes affecting property investors.
- Official analyses show the Albanese government’s tax take as a share of GDP has been high historically.
- Opposition cites budget data to claim higher tax burden across the economy.
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