AUSTRALIA: 2019-2020 FEDERAL BUDGET

In Treasurer Josh Frydenberg's first budget, released last week, the government has promised to more than double a tax offset for Australians earning up to $126,000. They say that means a single-income family will keep an extra $1000 from tax time this year. Labor says it will match those tax cuts, while leaving those earning less than $40,000 better off. The government also wants to lower the 32.5 per cent tax rate to 30 per cent from mid-2024. Treasurer Josh Frydenberg unveiled the government's plan to return the budget to surplus at the end of next financial year. The Labor Party will deliver its budget reply speech tonight ((19:30)) ahead of the federal election in May...