As the Morrison government’s early tax cuts will take effect next week, millions of Australians can receive up to 47 Australian dollars a week. Economists expect this money will provide an important boost to the economy and help it unblock it. Reopen afterwards. Beginning on November 16, all employers must ensure that tax cuts-valued at A$7 billion this fiscal year and implemented in advance in the previous month’s budget-are passed on to their employees.
Although the tax cuts originally planned to begin in the middle of 2022 were quickly passed by Congress, companies still need nearly a month to update their wage systems so that employees can receive additional wages. Finance Minister Josh FRydenberg said that this year more than 11.5 million people will receive tax cuts through early tax cuts. As people spend the extra income, up to 50,000 jobs will be created. Shane Oliver, chief economist at AMP Capital, said that in addition to seeing extra money in weekly wages, many people can also understand the $900 tax they have already paid when they file their annual tax returns at the beginning of the next fiscal year. paragraph. He said that there is no doubt that some of the cash will be saved, but a large proportion of it may flow back to the economy through consumption.
