Australia’s Prime Minister Plans Changes to Tax Cuts Despite Election Pledge
- Local media report tax reductions for wealthy to be pared back
- Albanese pledged at election he wouldn’t touch legislated cuts
Anthony Albanese
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Australia’s Prime Minister Anthony Albanese plans to scale back tax cuts for the nation’s wealthy in favor of low- and middle-income earners, local media reported, a politically risky move after he pledged ahead of the 2022 election to keep the legislated package unchanged.
Albanese’s cabinet signed off on the changes to the legislation, known as the Stage 3 tax cuts, following a meeting on Tuesday, according to the Australian Financial Review. The new legislation will be put to the center-left Labor party’s lawmakers ahead of an announcement by the prime minister.