The old stage-three cuts are dead. Long live Labor’s new policy, which 90% of Australians will cheer

‘The new stage-three cuts give more to the bottom nine income deciles (the lowest 90%). It does hits this by massively reducing the total amount going to the top 10%.’ Photograph: Loren Elliott/Reuters

It is fair to say I have not taken a neutral position on the stage-three tax cuts. After all, back in 2022 I was the guy who wrote: “The stage-three tax cuts are a pile of garbage, and everybody knows it.”

I distinctly remember the 2018 budget lock-up when the cuts first appeared. My jaw hit the floor when I realised the government was not only contemplating introducing a flat income tax, but was so brazen it hadn’t even provided any costings.