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Revised Stage 3 Tax Cuts Pass Lower House: Relief for Australians

Publish Date: 16/02/2024

The revised stage three tax cuts have successfully passed the lower house of the federal parliament. Taxpayers earning under $150,000 are set to receive a greater tax cut as per the amended proposal.

Federal Treasurer Jim Chalmers emphasizes that the revised tax cuts will provide more relief to a broader segment of Australians. The legislation is now moving to the Senate for further debate, with potential implementation from 1 July.

The Coalition and crossbench support in the lower house secured the passage of the tax changes. The amended plan benefits low and middle-income earners, providing them with a sigh of relief. Those earning above $150,000 will still receive a tax cut, albeit less than initially projected.

Prime Minister Anthony Albanese hails the tax cuts as a significant day, framing them as cost-of-living relief for all Australians. The Coalition, despite initial opposition, has backed Labor's stage three tax cut changes.

Treasurer Jim Chalmers views the tax cuts as a combination of relief, reform, and responsibility, benefiting middle Australia. He asserts that the tax cuts are the most effective means of providing cost-of-living relief without contributing to inflation.

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