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The Latest Breaking News from Tax Cuts

Labor attacked by former RBA governor Bernie Fraser for sticking to ‘dodgy’ stage-three tax cuts

Fraser says Albanese government should repeal stage three as the tax cuts are ‘even more unfair’ due to falling real wages

The Guardian - AU

To keep stage three tax cuts, supporters need to find alternative answers

Want your stage three tax cuts in 2024? Fair enough — just explain which spending or taxation needs to change to pay for them.

Crikey

Jim Chalmers has a unique chance to remake Australia – or to squander $243bn on the rich

Australia is one of the richest countries in the world but decades of tax cuts have trained us to feel poor

The Guardian - AU

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IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

For every £1 given workers by cutting tax rates £2 was being taken via freeze on income tax thresholds, thinktank calculates

The Guardian - UK

£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

By 2025–26, freezes will take away £2 for every £1 given to households through the headline personal tax cuts, the Institute for Fiscal Studies said.

The Independent UK

Markets want what the markets want — and that’s not a good reason to oppose stage three tax cuts

With the UK’s volte-face on high-end tax cuts, it’s tempting to apply the same logic here. But pressure from financial markets shouldn’t be a trustworthy impetus for change.

Crikey

Tax cut needed to ease mortgage pain: Libs

Tax cuts due to come into effect from mid-2024 have become a flashpoint for the upcoming budget as Australia faces economic headwinds.

AAP

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Former ACCC boss Rod Sims calls for tax increases amid debate over stage 3 cuts

The former chair of the ACCC says taxes must rise if the federal government wants to deliver the essential services Australians demand.

ABC News

Liberal moderate Bridget Archer says Labor right to be questioning stage-three tax cuts

Archer tells Albanese government ‘it’s OK to change your mind’ as debate continues within ALP about future of Coalition tax package

The Guardian - AU

Stage-three tax cuts: What makes them so controversial?

Stage three tax cuts will kick in during 2024 and on net it will benefit people who earn over $180,000, or the top 3.7 per cent.

The New Daily

Live: Truss tries to shake off disastrous start with Tory conference speech

British Prime Minister Liz Truss is set to address the Tory faithful at 12pm Paris time (GMT+2) on Wednesday, closing a tumultuous conference after her announcement of billions in unfunded tax cuts sent the pound plunging and prompted fears that the Conservatives are doomed to lose the next election. Watch…

France 24

‘Differences of opinion’ within Labor over stage-three tax cuts amid worsening economic outlook

Assistant treasurer Stephen Jones says government ‘not walking away’ from previous policy but framing budget in ‘difficult’ circumstances

The Guardian - AU

It’s a bad time to ditch those tax cuts — both politically and in policy terms

Should Labor dump the 2024 tax cuts just because the British dumped theirs? Of course not — and anyway it’s too soon to decide what will be needed in 2024.

Crikey

Economy woes cloud tax cut ahead of budget

Pressure is mounting to change or scrap costly tax cuts baked in by the former government as Labor prepares to hand down its budget in less than three weeks.

AAP

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The New Daily

Treasurer pleads caution on tax cuts as calls to ditch them grow louder

With deteriorating global economic conditions and no prospect of remission inflation, the Treasurer promised a “sustainable” budget.

Daily Mirror

Pound bounces back after Government's U-turn on tax cuts for the rich

The pound is beginning to rise again after it slumped due to Government plans to scrap income tax cuts for the very richest in society that panicked markets last week

Daily Mirror

Priti Patel says Tories will 'live and die' by economy and must 'regain' credibility

The former Home Secretary is expected to tell a conference meeting later that the Tories will "live or die" by its economic credibility - after nearly two weeks of chaos following the mini-budget and a screeching U-turn on tax cuts for the rich

The Conversation

Word from The Hill: Yet another rate rise, Stage 3 tax cuts, a repatriation mission, Higgins case

As well as her interviews with politicians and experts, Politics with Michelle Grattan includes “Word from The Hill”, where she discusses the news with members of The Conversation politics team.

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Evening Standard

Watch: Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

Kwasi Kwarteng has sought to shrug off the chaos that triggered his astonishing U-turn on income tax cuts for the highest earners as a “little turbulence” as he battled to regain authority. The Chancellor remarked it had been a “tough” day as he told Conservative members in his set-piece conference…

Wales Online

Chancellor Kwasi Kwarteng makes second U-turn in two days as he promises to set out debt plan earlier than planned

Kwasi Kwarteng has made the change after markets reacted badly to his package of tax cuts

The Guardian - UK

Kwasi Kwarteng may have U-turned, but huge spending cuts are still coming

The government is clinging to £43bn of tax cuts. Public services and those on benefits will feel the pain, says former prime minister Gordon Brown

The Canberra Times

Rate pain will add more scrutiny to Labor's economic management

The sixth consecutive rate rise may impinge on Labor's budget plans.

The Guardian - AU

Jim Chalmers says he will make the ‘right decisions’ on stage-three tax cuts

Treasurer says while the government’s policy has not yet changed ‘any responsible government’ would be looking at global economic pressures

Crikey

Bleak times remain ahead for Britons — and their idiot leaders

Think the Truss government is out of the woods after a humiliating backdown on tax cuts? Think again.

The Guardian - AU

Morning mail: Queensland police failure in assault case, UK U-turn on tax cuts for well-off, ID scam fears

Tuesday: Queensland and NSW police lost key documents and failed to investigate a series of alleged sexual assaults against a 14-year-old girl. Plus: the must-read books for October

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