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Tax cuts pass parliament

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The government’s full tax cut package has passed the Senate after Labor, the Centre Alliance and Jacqui Lambie voted in favour of the bill.

The first stage of the plan will deliver up to $1080 to low and middle-income earners when they lodge their tax returns in coming months.

The second stage will see a 19 per cent tax rate for people earning up to $45,000.

The third stage would those earning between $45,000 and $200,000 have the tax rate slashed from 32.5 per cent to 30 per cent from mid-2024.

Treasurer Josh Frydenberg tells Ross Greenwood the tax cuts will benefit the economy.

“Our tax cuts are actually baked into our economic forecasts and those economic forecasts show that the economy will continue to grow.”

Click PLAY below to hear the full interview

Image: Getty/Tracey Nearmy