fxs_header_sponsor_anchor

News

Australia drops plans to fast track tax cuts for wealth

The Australian government has suspended its plans to fast track tax cuts for the wealthy, as the post-pandemic recovery is faster-than-expected, an Australian daily reported, citing unidentified sources.

Additional takeaways

“The government has ruled out including tax cuts for high-income earners in next week's federal budget.”

“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.”

The government is set to announce its annual budget on May 11.

Market reaction

AUD/USD keeps its recovery mode intact above 0.7700, now trading at 0.7730, higher by 0.35% so far.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.