New analysis from The Australia Institute (TAI) highlights the absurd cost of the Stage 3 tax cuts, which will provide high income earners billions of dollars worth of tax relief:
In their first year, the Stage 3 tax cuts will cost the budget a total of $17.7 billion. That is:
$5.6bn more than is spent on JobSeeker
A third more than the cost of the childcare subsidy
$7bn more than the government will spend on public universities
Double the cost of Australia’s air force
Almost four times the amount the government spends on foreign aid
11 years’ worth of funding for the ABC and SBS
15 years’ worth of funding for Aboriginal and Torres Strait Islander health
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
