26/03/2025
Well, we have just had "the Budget we had to have, not the one we needed."
Not really anything that is going to rock your world. Tax cuts starting 1 July 2026 will save you $5 a week and another $5 per week 1 July 2027. Looks like they are attempting to lock this in by tabling today the legislation along with the Medicare changes. Whether it passes parliament is yet to be seen before the election is called.
With Bracket Creep affecting most peoples income, they will probably not even see this saving.
Major reforms of our taxation system, as it is not fit for purpose, is long overdue, but alas, no political party is willing to make the change in how we are taxed.
We need to take tax decisions away from Political Parties and put in the hands of an independent body/board (like the Reserve Bank is) with key stakeholder representatives, creating the best system of taxation for the whole county, and set for the future needs.
Perhaps we all need to pressure our local politicians to agree to undertake bipartisan change.
