Description
Economic update for January to March quarter 2024, providing commentary on Stage 3 Tax cuts, inflation, property, global share markets and local employment market.
Introduction
The first quarter of 2024 saw the Government roll out considerable changes to the Stage 3 Tax Cuts, inflation continuing to slow but remaining stubbornly high across some areas, surging stock market highs and continuing pressures in the property sector.
Government Overhauls Stage 3 Tax Cuts
In January, the Labor government unveiled changes to the proposed stage 3 tax cuts, aimed at providing bigger tax cuts to middle Australia. The new changes, which passed the Senate to become law in February, retain the tax bracket that would have been scrapped under the original proposal, and adjust tax rates to benefit both lower and higher-income earners.
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