\u201cWe\u2019ll look at the detail of the bill, but the starting point is that we don\u2019t support higher taxes,\u201d he told ABC television.<\/p>\n
Several other members of the shadow ministry declined to comment on or off the record, citing the need to maintain confidentiality. However, one member predicted it was likely the party would oppose the changes but not repeal them if returned to government in three or six years.<\/p>\n
Shadow treasurer Ted O\u2019Brien, along with Opposition Leader Sussan Ley, will have the final say over the policy decision.<\/p>\n
However, opposing the bill would not block the proposal should the government get support from the Greens. By the time of the next election, due in 2028, the changes will have been in place for two years, with the expected revenue baked into the budget\u2019s forecasts.<\/p>\n
Chalmers has not revealed the full impact of the changes announced on Monday, except that by 2028-29 they are expected to raise $4 billion less than his original proposals. One of the reasons for the drop in revenue is that they are due to start a year later.<\/p>\n
Economists estimate the new proposals, particularly the step to index the $3 million and $10 million thresholds, will cost the budget billions of dollars in lost revenue by the middle of next decade.<\/p>\n
Before the May election, the Coalition pledged to repeal the original proposals.<\/p>\n
Loading<\/p>\n
In its analysis of all policies, the independent Parliamentary Budget Office found that repealing the original super policy would cost the budget $43.4 billion in forgone revenue over the next decade. The lost revenue would also increase the interest bill on government debt by $7 billion over the same period.<\/p>\n
The same analysis showed that, together with other Coalition promises, Peter Dutton went to the election promising more than $460 billion in budget deficits and a $147.3 billion increase in expected gross debt that would reach $1.7 trillion, or 35.1 per cent of GDP, by 2035-36.<\/p>\n
Next week, Ley will address the conservative Centre for Independent Studies think tank, delivering a speech on ways to \u201crestore Australia\u2019s economic strength\u201d.<\/p>\n
In it, she is expected to outline the Coalition\u2019s principles on ways to lift productivity and reward aspiration.<\/p>\n
It follows an address last month in which she discussed how the Coalition would approach budget management, including on spending and government debt, which sits at $963 billion and is forecast to reach $1 trillion by the middle of next year.<\/p>\n
In Melbourne on Wednesday, Ley said the Coalition\u2019s economic approach was targeted at protecting younger Australians.<\/p>\n
\u201cEvery minute it costs $50,000 just to pay the interest on Labor\u2019s debt and that has to change,\u201d she said. \u201cWe have to, for the sake of Gen Zs and Millennials, get this back under control.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cWe\u2019ll look at the detail of the bill, but the starting point is that we don\u2019t support higher…\n","protected":false},"author":2,"featured_media":75930,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[114,268,85,46,266,267],"class_list":["post-75929","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-il","tag-israel","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/75929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=75929"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/75929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/75930"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=75929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=75929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=75929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}