FX

Australia drops plans to fast track tax cuts for wealth

The Australian government has suspended its plans to fast track tax cuts for the wealthy, as the post-pandemic recovery is faster-than-expected, an Australian daily reported, citing unidentified sources.

Additional takeaways

“The government has ruled out including tax cuts for high-income earners in next week’s federal budget.”

“It will instead extend tax cuts for low and middle-income earners for another year, the report said, with tax relief for the wealthy due for introduction in 2024.”

The government is set to announce its annual budget on May 11.

Market reaction

AUD/USD keeps its recovery mode intact above 0.7700, now trading at 0.7730, higher by 0.35% so far.

Articles You May Like

Crypto scammers abuse ‘lax’ UK company laws to fool victims: Report
Central banks bought the most gold since 1967 last year, WGC says
Elon Musk wants Twitter payments system built with crypto in mind
Gold tumbles Rs 681; Silver plummets Rs 2,045 amid weak global trends
This Strategy will Make You PROFITABLE in 3 Weeks! – Forex Trading Strategies for Day Traders – EP 3

Leave a Reply

Your email address will not be published. Required fields are marked *