Over the past few weeks, we’ve witnessed the business lobby, mainstream media, the IPA and Coalition all hit out at the union’s and Labor’s call to lift the minimum wage by the Consumer Price Index (CPI), claiming that doing so would stoke inflation and force up interest rates.
At the same time, these groups have been conspicuously silent on the Coalition’s legislated Stage 3 tax cuts, which will now lavish $17.7 billion on high income earners in its first year, growing to $37 billion annually by the early 2030s:
Under the stage three cuts, the 37 per cent tax bracket will be abolished, the top 45 per cent bracket will start from $200,000 and the 32.5 per cent rate will be cut to 30 per cent for all incomes between $45,000 and $200,000.
