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Anthony Albanese has said his government's reworked stage three tax cuts will overwhelmingly benefit the Australians who need the relief most amid the cost of living crisis as he continues to defend the policy change.
Speaking in Orange, NSW, this morning, the prime minister defended the decision to reshape the former Coalition government's tax policy, claiming that average workers and regional Australians would be big beneficiaries of the new tax package.
"We know that low and middle-income Australians are under financial pressure," he said.
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"We're determined to do something about it. We have made the right decision for the right reasons, and this will help particularly middle Australia."
The prime minister confirmed that legislation enshrining these changes will be brought to parliament in the coming weeks.
Under the changes, the second tax bracket will be cut from 32.5 per cent to 30 per cent, applying up until someone earns $135,000.
Previously the second tax bracket only extended until a taxpayer earned $120,000.
The threshold for the top tax rate of 45 per cent will be increased to $190,000, up from $180,000.
The changes will take place, as previously scheduled, on July 1.
Albanese said the changes will mean the average Australian will receive a tax cut of more than $1500 a year.
"The average wage in Australia is $73,000. A person earning that will now get a tax cut of more than $1500 a year," he said on Thursday.
Today, the prime minister said that the tax changes were the most effective way to deliver cost-of-living assistance to regional Australia.
He said inflation has disproportionately affected regional Australians.
"That's why this programme is so important," he said.
"That's why the government has changed our decision."
What do the redesigned tax cuts mean for you?
The vast majority of Australian taxpayers will receive a larger tax cut under the Albanese government's redesigned scheme.
Take, for example, Australians earning $40,000. Under the old stage three plan, they would have received nothing. Under the revised plan, they will receive around $654 back on their return.
Take someone earning $60,000. They were scheduled to receive a tax cut of $375 under the old plan. Under the revised schedule, they'll receive $1179.
