Memo to Josh Frydenberg: Tax cuts are the wrong stimulus

Yesterday, Treasurer Josh Frydenberg flagged that he would bring forward legislated tax cuts to simulate the economy:

Personal income tax cuts for middle income earners worth up to $2565-a-year are likely to be brought forward to help boost spending, the Treasurer Josh Frydenberg has revealed…

“There are three stages to those legislated income tax cuts and, you know, the benefit was very clear. We’re creating one big tax bracket between $45,000 and $200,000 where people pay a marginal rate of no more than 30 cents in the dollar,’’ Mr Frydenberg said.

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