In response to the Australian Government’s announcement on the stage three tax cuts, Oxfam Australia’s Interim Director of Programs, Rod Goodbun, said:
“We welcome today’s announcement that the Australian government has taken positive measures to address the relentless surge in the cost of living and enhance the fairness of the stage three tax cuts.
“The adjustments are a noticeable improvement, and we are pleased that the Albanese Government has adapted its policy to the changing economic conditions and responded to calls from the community to take decisive steps to benefit more people on middle and lower incomes.
“Without these amendments, the stage three tax cuts were set to supercharge inequality, further lining the pockets of Australia’s wealthiest with another $9075 they did not need while offering nothing to those on the lowest incomes bearing the brunt of a cost-of-living crisis.
“While we acknowledge that the re-imagined stage three tax cuts will provide a much-needed tax break to those who are struggling to keep a roof over their heads, power their homes, and put food on the table, we maintain that this is a missed opportunity for a more comprehensive tax system reform that would provide the government with revenue to turn the tide on growing inequality and poverty in Australia and beyond.
“These tax reforms, even in their amended state, represent a $324 billion hit to the Budget over the next decade, while the total wealth of Australian billionaires has been allowed to skyrocket by $120 billion since 2020.
“The challenge of poverty and inequality cannot be met by tax cuts alone – we need a bigger, not smaller, revenue base to address these issues. If the Australian Government is serious about tackling the cost-of-living crisis and increasing inequality long-term, it must implement a systemic and wide-ranging increase in taxation of the super-rich.”
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