The Prime Minister of Australia recently hinted that they will be rolling back the stage 3 tax cuts slated for 2024-25. In this interview, Mark Bouris makes the astute point that it would be better to cut income tax and shift it to a high GST rate. This would make income tax fraud less lucrative, less skewed toward the rich, and would encourage saving and investment (good for everyone) over consumption.
While the exact tax rates are yet to be confirmed, they potentially look like the following:
Resident tax rates 2024–25
| Taxable income | Tax on this income |
| 0 – $18,200 | NIL |
| $18,201 – $45,000 | 16c for each $1 over $20,000 |
| $45,001 – $135,000 | 30c for each $1 over $45,000 |
| $135,001 – $190,000 | 37c for each $1 over $135,000 |
| $190,001 and over | 45c for each $1 over $180,000 |