World Economy

Aussies’ Tax Cuts Part of Reforms

Aussies’ Tax Cuts Part of ReformsAussies’ Tax Cuts Part of Reforms

Australian Finance Minister Mathias Cormann says the Abbott government’s flagged personal income tax cuts will be part of a broader tax reform package, Sky News reported. Treasurer Joe Hockey said last week tax cuts need to be made to offset bracket creep, which over the next few years will force thousands of average wage earners into a higher tax bracket just through wage inflation. ‘That is our objective to take to the next election a tax reform package ... if you reduce revenue you need to make that up from other sources,’ Senator Cormann told Sky News, without going into further detail.