Amazingly, Labor will not make changes to the stage three income tax cuts if it wins the upcoming federal election.
The legislated tax cuts are due to take effect as from 1 July 2024 and will see a 30% tax rate applied to all income between $45,000 and $200,000, while the 37% tax rate will be abolished.
It has been estimated the tax cuts will cost $137 billion between the date of their implementation and the end of the decade.
