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Finance minister Mathias Cormann has confirmed this week’s federal budget would give tax cuts to wealthy households over the forward estimates.
Speaking on Saturday, Cormann said “there’s got to be appropriate reward for effort” on the part of high-income earners, who “overwhelmingly carry the heaviest tax burden in our economy today”. The government has revealed little of what the budget contains, largely avoiding the pre-planned media leaks traditionally common in the weeks beforehand. Treasurer Scott Morrison said yesterday ($) that the government would write a 23.9 per cent tax-to-GDP ratio into the budget, saying “it is now necessary to make it a clear decision and adopt it as part of the fiscal strategy” …
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The Saturday Paper
