Labor shift on tax cuts
OPPOSITION Leader Bill Shorten has flagged extending the tax cuts for low and middleincome earners to higher incomes, in a major policy shift.
Mr Shorten said while tax relief for people earning less than $120,000 a year was most important, he would consider reforms for higher earners.
The policy shift follows an earlier announcement of support for the Morrison Government’s plan to fast-track small business cuts. As a result, small businesses will see their company tax rate fall from 30 per cent to 25 per cent in 2021.