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Tax & Spend

Australia Under Pressure to Revise Tax Cuts Following UK Chaos

  • Changes planned for 2024 would flatten Australia’s tax code
  • Treasurer Chalmers will deliver first annual budget on Oct. 25

The Australian government is under pressure to reconsider tax cuts for high-income earners due in mid-2024 after the chaotic fallout from the UK’s planned fiscal boost via the abolition of its top rate.

Australia intends to scrap its 37% tax rate in favor of a 30% bracket for people earning between A$45,000 and A$200,000 ($30,000 and $130,000) annually at an estimated cost of more than A$200 billion over 10 years. The upper 45% tax rate would remain in place.