Government announces changes to the stage three tax cuts. Here's what you need to know

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Middle-income earners stand as the probable beneficiaries of adjustments introduced in the income tax policy, as revealed during Wednesday's Labor caucus.

Under a revision of the government's stage three tax cuts plan, Australians with incomes up to $150,000 are anticipated to receive a more substantial cash injection starting from July.
PM Anthony Albanese explained that the objective of the new plan is to offer increased support to middle-income earners facing challenges due to the rising cost of living.
Additionally, the government plans to cut the tax reduction for Australians earning $200,000 or more by nearly half, directing these savings towards supporting low- and middle-income earners.

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