Economics
Biggest Tax Shake-Up in a Decade Will Benefit 10 Million Australians
- Australia government secures votes to enact signature policy
- Central bank wants more stimulus amid signs of slowdown
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Australian Prime Minister Scott Morrison secured the most sweeping changes to the nation’s tax system in more than a decade, delivering a major legislative victory for his newly elected government and injecting stimulus into the slowing economy.
Parliament on Thursday passed legislation that will bring A$158 billion ($111 billion) of income tax relief to more than 10 million workers and fulfill a pledge that was the cornerstone of Morrison’s bid for re-election in the May 18 ballot.