Australia drops plans to fast track tax cuts for wealthy -newspaper

By Reuters8 days ago

SYDNEY, May 5 (Reuters) - The Australian government has dropped plans to fast track tax cuts for the wealthy, The Australian newspaper reported on Wednesday, as the country's economy recovers more quickly than anticipated from a pandemic-led downturn.

The government has ruled out including tax cuts for high income earners in next week's federal budget, the newspaper said, citing unidentified sources.

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It will instead extend tax cuts for low and middle-income earners for another year, the report said, with tax relief for the wealthy due for introduction in 2024.

A Treasury spokesman declined to comment. The government is scheduled to unveil its annual budget on May 11.

Australia pledged A$17.8 billion ($13.73 billion) in personal tax cuts in last year's budget as part of a coronavirus recovery plan to create one million new jobs over the next four years.

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