Skip to content
Political, Taxation

High income earners, Coalition voters among those backing Stage 3 redesign

The Australia Institute 2 mins read

Media release | Wednesday, 31 January 2024

About half of Australia’s highest income earners on more than $200,000 back a redesign of the  Stage 3 tax cuts, according to new research from the Australia Institute. 

The survey shows nearly two-thirds of voters think it is more important to adapt policy to changing economic circumstances, even if it means breaking an election promise.

Just 16 per cent of people surveyed want the tax cuts kept in their current form, including a quarter of Coalition voters and a third of those on the highest incomes.

Key Points:

The Australia Institute surveyed a nationally representative sample of 1,017 Australians between January 23 and 29 January, 2024. The government announced its changes to the tax cuts on January 25.

  • Nearly six in ten Australians (58%) prefer for the Stage 3 tax cuts to be restructured so middle and low-income earners receive more.

  • Restructuring the stage 3 tax cuts is the most preferred option across all age groups, genders, voting intentions, and large states.

  • One in six (16%) Australians would rather keep the Stage 3 tax cuts in their current form than scrap or restructure them. This includes only one in four (25%) Coalition voters and one in three (32%) people earning over $200,000.

  • Two in three (65%) Australians believe that adapting economic policy to suit changing circumstances is more important, even if that means breaking an election promise.

    • Majority support was observed across all age groups, genders, voting intentions, and large states.

“The Morrison-era Stage 3 tax cuts are bad economic policy, and even voters on the highest incomes recognise that,” said Dr Richard Denniss, Executive Director of the Australia Institute.

“There is strong support for the Albanese government’s decision to restructure these cuts in the face of vastly different economic circumstances than when they were legislated.

“Our research demonstrates that restructuring Stage 3 is the preferred option among voters – regardless of how much they earn or who they vote for in an election.

“When Stage 3 was legislated in 2019, no one would have predicted a global pandemic, rising inflation and a cost-of-living crisis. Voters understand that things change.

“Two-thirds of people think it is more important to adapt the economic policy to suit the changing circumstances, even if that means going against an election promise.

“Australians need the government of the day to respond to our current economic realities. That is what the government has done.”

Dr Richard Denniss is appearing at the National Press Club TODAY, Wednesday 31 January, with Allegra Spender MP for ‘Australia’s Tax  Dilemma: The case for real reform.’

Media enquiries: Luciana Lawe Davies 0457 974 636

The Australia Institute is a member of the Australian Polling Council. The polling methodology, long disclosure statement and margin of error for polling questions are included in the appendix of the report.


More from this category

  • Finance Investment, Political
  • 12/06/2024
  • 09:34
Super Members Council

Dodgy financial advisers who use click-bait and cold calls to drum up business should be put in the legal freezer

Anti-hawking laws should be tightened, and current consumer protections locked into law to stop dodgy financial advisers using click-bait social media posts, cold-calls and pressure sales tactics to move unsuspecting Australians into a dud super fund and charging them thousands in fees, the Super Members Council says. The Super Members Council is calling for the Australian Government to extend anti-hawking laws, so it bans a small subset of financial advisers from using cold-calling businesses to get clients. Parliament should also swiftly pass the financial advice legislation currently before it, which locks into law the current robust consumer protections that require…

  • Contains:
  • Government Federal, Taxation
  • 12/06/2024
  • 09:31
Australian Taxation Office

ATO warning to rental property owners: don’t let your tax return be a ‘fixer-upper’

The Australian Taxation Office (ATO) is warning rental property owners that their tax returns are in the spotlight this tax time. ATO Assistant Commissioner Rob Thomson explained the ATO has found the majority of rental property owners are making errors in their tax returns, despite 86% using a registered tax agent. The most common mistake is not understanding what expenses can be claimed and when. In particular, the difference between what can be claimed for repairs and maintenance versus capital expenses. Other mistakes on the ATO’s radar include overclaimed deductions and a lack of documentation to substantiate the expenses claimed.…

  • Immigration, Political
  • 11/06/2024
  • 06:01
Sustainable Population Australia

Thousands of Australians call for an end to rapid population growth

Many well-known and respected names such as Dick Smith AO, economist Leith van Onselen and Emeritus Professor Ian Lowe, have joined over twelve thousand…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.