Treasurer Josh Frydenberg says the $9 billion worth of income tax cuts in 2020 have boosted households’ balance sheets and consumer confidence. He adds that households will benefit from a further $12 billion worth of accelerated income tax cuts by the end of September:
[Frydenberg said] tax cuts had already “helped to boost household balance sheets and see consumer confidence rise above pre-pandemic levels”.
“Our economic recovery plan is working and continues to support households and businesses. To date around $9bn in tax cuts has landed in the pockets of 8.8 million Australians during the course of the pandemic… a further $2bn per month in tax cuts will flow to Australians between now and the end of September”.
