Ahead of Treasurer Scott Morrison's third federal budget, a flurry of new initiatives have been announced.
Income tax:
Reports indicate income-tax cuts are on the way for people in the bottom two tax brackets earning up to $87,000 a year.
Changes to higher tax brackets are projected from 2024, and the tax bracket for those earning more than $180,000 a year is also expected to be raised over time.
Finance Minister Mathias Cormann says low- and middle income-earners are likely to spend much of any tax cut that comes their way and spending would likely add to employment.
"The Government has made very clear that, when it comes to personal income-tax cuts, our first priority is to provide tax relief to lower- and middle-income earners. That is obviously good for them, and it's good for the economy. The detail and the specifics will be part of the Budget on Tuesday."
But Scott Morrison says the size of the tax cut will not be "mammoth," only what the budget can afford.
Health Services:
The mental-health service Lifeline is being given a $34 million (($33.8 million)) cash injection to boost its telephone service.
The funding from the Turnbull Government in this year's budget will help the charity answer more calls and support the training of staff.
Making the announcement in a video posted on YouTube, Prime Minister Malcolm Turnbull says the funding will support important work.
A tobacco taskforce:
A tobacco taskforce is also being set up. It will include new powers for the tax office to charge tobacco duties and a new requirement to obtain a permit to import tobacco.
Revenue Minister Kelly O'Dwyer says it is going to raise millions of dollars in proceeds. She also said tougher anti-corruption measures will prevent criminals from profiting from illegal tobacco sales.
Source: Public Domain
Deputy Prime Minister Michael McCormack says the budget will be a responsible one, despite saying last month ((april)) it would contain "plenty of goodies."
Mr McCormack says, while the budget will deliver a number of vital projects across the country, the Government will not let spending spiral out of control.
"It's going to be a budget which is going to provide the sort of infrastructure that Australians need, want, demand and expect, whilst at the same time living within our means. It's important that we continue to live within our means, to make sure that we're fiscally responsible, and that's what we're doing."
Share
