The first monthly budget surplus since the start of the pandemic points towards a stronger bottom line for Treasurer Josh Frydenberg.
Consumer prices lifted by a lower-than-expected 0.6 per cent in the March quarter despite sizeable increases in beef and petrol prices.
Australians spend $2.3 billion a year on managing their tax affairs. But a $3000 standard deduction could deliver a tax cut and save time,a think tank says.
One-off tax relief for low and middle-income earners is on the cards but there are worrying signs about the jobs market with almost 250,000 long term unemployed.
Special analysis of household finances has revealed Australia’s poorest households suffered a fall in financial stress during the COVID-19 recession.
The RBA believes it will take years for wages to start growing fast enough to get inflation back to its target band even as businesses grow more upbeat.
General car sales have increased strongly since the advent of the pandemic recession,but the luxury car market has done even better.
Prime Minister Scott Morrison has promised not to “tax our industries off the planet”,saying net zero emissions can’t be achieved at “dinner parties and wine bars” but with the assistance of manufacturing and agriculture.
Economists have warned that without personal income tax cuts for low and middle-income earners,the economy could slow in coming years.
Analysis shows people earning less than $126,000 a year face a tax hike from next financial year.
The Treasurer is cautious about the prospects for significant improvements in the budget and the employment outlook as he prepares to invest in skills and aged care.