Australia PM vows to introduce bill to reshape tax cuts within weeks

Australia’s Prime Minister Anthony Albanese said on Saturday his centre-left government would soon legislate changes to planned tax cuts set to trim benefits to the wealthy while giving low-income earners more breaks, as many Australians battle higher living costs.
Under the new policy, announced this week, people earning up to A$135,000 will fall into lower tax brackets from July 1. Tax breaks for some high-income earners will nearly halve, with the savings redirected to those on low incomes.
Australian households are under broad financial pressure from high inflation, which rose to 7.8% in December 2022, before easing to 5.4% in the third quarter of 2023.
The changes represented “cost of living support to middle class working families without putting pressure on inflation”, Albanese told Saturday’s press conference.