Frydenberg mum on cost of top-end tax cut

Treasurer Josh Frydenberg has repeatedly refused to say how much his 2024 tax cuts for high-earners will cost the budget.

Prime Minister Scott Morrison and Treasurer Josh Frydenberg

Treasurer Josh Frydenberg won't say how much his 2024 tax cuts for high-earners will cost. (AAP)

Treasurer Josh Frydenberg has again dismissed modelling by left-leaning think tank, the Australia Institute, that showed the government's tax plan for high-income earners will cost the budget $77 billion.

But he and Prime Minister Scott Morrison have also repeatedly refused to say how much the tax cut in 2024 for those earning more than $180,000 will be.

Mr Frydenberg said the Australia Institute is aligned to the Labor Party, has union members on its board and is an organisation that has promoted death taxes.

"This is not an organisation that we take credibly," Mr Frydenberg told Sky News on Monday ahead of a National Press Club debate with his Labor counterpart Chris Bowen.

Mr Frydenberg said the cost to the budget to reduce the rate of tax from 32.5 to 30 cents in the dollar for those who are are earning between $45,000 and $200,000 is $95 billion, but decline to break that figure down any further.

Ahead of the debate, Mr Bowen has written a feisty letter to the treasurer, demanding a greater breakdown of the cost of the proposed tax cuts for people earning more than $180,000 each year.

Mr Morrison said on Friday said such a figure "hasn't been specifically set apart".

"If this is true, it indicates a grossly irresponsible approach to fiscal management from your government," Mr Bowen's letter said, requesting a more detailed breakdown from Treasury.


Share

2 min read

Published

Source: AAP



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world