Data from the Australian Taxation Office (ATO) shows that taxpayers received an average tax refund of $967 for the 2018-19 financial year.
In total, some $6.1 billion was returned to working Australians in the form of tax cuts and refunds, largely to those with annual income of $37,000 to $90,000. And Treasurer Josh Frydenberg claims the income tax cuts are now flowing through to the economy, which is continuing to grow at a time when many other countries are experiencing negative growth. From The Australian:
“These tax cuts are flowing through into the economy with encouraging data for the end of 2019 showing … the unemployment rate falling to 5.1 per cent and the continued turnaround in the housing market,” he said.
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