Jim Chalmers has dropped a huge hint this week that income tax cuts are back on his political agenda in the lead up to the next election.<\/p>\n
The Treasurer has offered families struggling with cost-of-living pressures some hope that more help may be on the cards as he spruiked the impact of this year\u2019s tax cut.<\/p>\n
But his sales pitch on the impact of the most recent tax cuts comes with a slightly depressing postscript: the estimated average tax saving was just $58 over the quarter.<\/p>\n
That works out at a 64 cents a day tax cut. Cue champagne.<\/p>\n
Nearly 13 million Australians have benefited by $700 million in tax cuts in the first quarter of 2026-27 financial year according to new data.<\/p>\n
\u201cOur tax reforms are all about providing tax cuts to workers, helping more first homebuyers into homes and helping younger Australians to get ahead,\u2019\u2019 the Treasurer said.<\/p>\n
\u201cPeople are under pressure which is why we\u2019ve delivered ongoing cost of living relief, including cutting taxes five times in three ways.\u201d<\/p>\n
The Government\u2019s legislated tax cuts on 1 July 2026 lowered the first income tax rate from 16 cents to 15 cents for all taxpayers, with over 14 million taxpayers to benefit.<\/p>\n
This is in addition to the instant $1000 deduction available to all tax payers for the 2026-27 income year, and the first round of tax cuts that took effect in 2024.<\/p>\n
But it\u2019s what comes next that voters may be more interested to hear, with the Treasurer telling voters to watch this space.<\/p>\n
\u201cWe\u2019ve improved the budget position which has created more room for tax cuts into the future,\u2019\u2019 he said.<\/p>\n
\u201cWe\u2019re backing workers and our opponents are attacking them.<\/p>\n
\u201cThe Liberals and Nationals voted against these tax cuts. If they had their way, workers would be paying higher taxes and earning much less.<\/p>\n
The figures are based on the ATO\u2019s Single Touch Payroll data covering employees\u2019 payroll information for the three months to 30 September.<\/p>\n
Meanwhile, the Coalition has offered a curtain raiser of its own in recent weeks, confirming they also want to give voters more access to their own money by allowing more workers to raid their own superannuation.<\/p>\n
The Liberal Party is working on several options to allow workers to access super early to buy a family home to reduce the number of retirees who are renters.<\/p>\n
The three options under consideration include using super as collateral to get a bigger loan, using it as an offset on your mortgage to reduce interest or cashing it out to enter the housing market.<\/p>\n
\u201cRenting is a good choice for some Australians, but I don\u2019t want it to become a mandatory design feature of our retirement system,\u2019\u2019\u2019 Liberal Senator Andrew Bragg said.<\/p>\n
\u201cI am concerned the growing trend of retired renters will change the economic and social character of the nation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Jim Chalmers has dropped a huge hint this week that income tax cuts are back on his 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