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Tax cuts could be brought forward to boost economy: Treasurer Josh Frydenberg

Article image for Tax cuts could be brought forward to boost economy: Treasurer Josh Frydenberg

Treasurer Josh Frydenberg says the government is considering bringing forward tax cuts to help revive the economy.

The $158 billion in personal tax cuts are due to start in mid-2022 and mid-2024 but business groups are pushing the cuts to be brought forward to early next year, to get people spending.

Australia has officially fallen into a recession, with the Australian Bureau of Statistics data showing the economy contracted by seven per cent in the June quarter.

Mr Frydenberg told Ben Fordham tax cuts are among a number of measures being considered as part of next month’s budget.

“That is one of the issues we’re considering in the context … recognising tax cuts put more money in people’s pockets, more money in people’s pockets leads to more spending and more spending leads to more jobs.”

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