Published: Sun, July 07, 2019
Markets | By Otis Pena

PM urged to do more after tax cut triumph

PM urged to do more after tax cut triumph

After amendments to delay the stage three 30% flat tax rate from 2024 and bring forward already legislated tax cuts failed, Labor voted to pass the government's entire $158bn tax package, which already had the necessary numbers from the crossbench. That is one-third of what they were at the peak of the global financial crisis, the greatest economic crisis that the world has seen since the Great Depression of the 1930s.

It had argues the third stage was too far off for the parliament to decide on.

"With that deal, I still need some more time so we can iron this out properly", she told ABC Radio on Thursday.

Tasmanian independent Jacqui Lambie lobbied for her state's $157 million public housing debt to be erased or renegotiated in return for her support.

"I'm not sitting around on this for another four or five weeks while we play argy bargy".

Michael Sukkar, the Assistant Treasurer and Minister for Housing, will call on the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority to review restrictions on bank lending, telling the AFR that "We want to get credit flowing".

"But what a capitulation from the Labor Party", he told reporters in Canberra.

"So it means thousands of dollars back into the pockets of families and they know best how to spend it".

"Some will earn more than others", he said.

Centre Alliance - which carries two votes - has also confirmed it will back the full tax package.

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Finance Minister Mathias Corman said there would be no "special deals" with crossbenchers to gain their support, but the government was "happy to engage" on issues of concern.

The gas industry is seeking clarity from the government, urging the coalition to reveal exactly what it has agreed with Centre Alliance.

Former Liberal senator Cory Bernardi had always backed the full package.

The Grattan Institute report showed that, to pay for the "Stage 3" tax cuts, the government is banking on an unprecedented squeeze on funding public services and payments, with a lower growth in public spending than any government has achieved over the past 40 years.

Aside from the election, the successful passage of the cuts through the parliament is Morrison's biggest political victory since he became prime minister in August 2018.

Low and middle income earners can expect up to $1080 extra in their wallets once the Australian Taxation Office has processed their latest return.

The Government has also increased the top threshold of the 19 cents in the dollar tax bracket from $41,000 to $45,000 and by increasing the low income tax offset from $645 to $700 in 2022-23.

This is for Australians earning between $45,000 and under $200,000.

The third and final stage will flatten the tax rate for everyone earning between 45,000 and 200,000 Australian dollars (31,613.85 USA dollars to 140,488 US dollars) per year to 30 percent from 2024/25.

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