Finance Minister Mathias Cormann said yesterday that the federal government would consider bringing forward income tax cuts in an effort to stimulate the economy. Westpac and the Commonwealth Bank have both called on the government recently to ‘fast track’ tax cuts in an effort to boost consumer spending. Cormann says the government’s inclination is to “lower taxes where that is fiscally sensible”, while he also says that “taxes should be as high as necessary and as low as possible”. From The AFR:
“We’ve obviously got competing objectives and we do want to ensure that we sustainably fund all of those benefits and services that Australians rely on,” Senator Cormann said.
“But, of course, if there is scope we always err on the side of lower taxes. Taxes should be as high as necessary and as low as possible”…
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