The Senate has passed a bipartisan budget resolution that includes the “fiscal-cliff” tax hikes.
But the Senate is only halfway through its work of reconciling the two bills.
Key points:Tax increases on higher earners are set to hit most middle-class familiesThe deal, which is expected to be passed next week, includes tax cuts for some Australians who make more than $100,000A tax cut for the richest Australians is also includedThe deal also includes tax increases for some of the most disadvantaged Australians, including the poorest and disabledThe deal is expected next week.
The Senate is expected later today to pass the legislation, which will set out the budget deficit by 2021 and the fiscal cliff, a two-year reduction in the GST and tax increases on high earners, as well as other measures.
The tax increase is set to go into effect from July 1, 2019, while the tax cuts will go into place from July 6, 2020.
Senator Scott Ludlam said it was “a great deal for Australian families”.
“It will help make sure we don’t go over the fiscal cliffs,” Senator Ludlam told ABC News Breakfast.
The Senate was already close to passing a separate tax cut measure, which included a new “tax holiday” for those making more than half a million dollars a year.”
This is a great deal, but we also have a tax increase that will come in.”
The Senate was already close to passing a separate tax cut measure, which included a new “tax holiday” for those making more than half a million dollars a year.
However, the tax holiday has been pulled in half after it emerged that the government will be forced to provide a guarantee to Australians that the relief is not paid on account of the fiscal-cliffs deal.
“The Government is going to be working on this to ensure that Australians don’t have to worry about that,” Senator Scott Ludham said.
In addition to tax cuts, the budget will include $100 million in funding for low-income earners.”
Australians will be well aware of that, and the Government is working on that.”
In addition to tax cuts, the budget will include $100 million in funding for low-income earners.
This is part of a package that includes $4 billion in spending cuts for infrastructure, including $3 billion for the Port Augusta rail line and $2.3 billion to rebuild the National Library.
The package is expected at the start of the next parliament in March.
The $4.5 billion will be earmarked to repair and maintain infrastructure.
The budget is expected as part of the package to be released in March, along with a $5 billion infrastructure package.
“I am pleased that our Government has committed to funding the National Public Library for the next 20 years,” Finance Minister Mathias Cormann said in a statement.
“Our budget is about restoring our public infrastructure for a better future, and we’re continuing to make the most of our assets.”
He said the government had “a long-term vision for the future of the National public library” and that “we’ve got a long-standing commitment to invest in it”.
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