Australia's manufacturing industry is at a crossroads. After years of decline, the sector has finally found a more stable economic footing, and many indicators point to an expansion in domestic manufacturing in the coming years. Manufacturing added almost 50,000 new jobs in the last year - making it one of the most important sources of new work in the whole economy.
By Richard Denniss, Chief Economist at The Australia Institute
The budget emergency is over. Even though Commonwealth debt has risen from $317 billion to $561 billion. Since Tony Abbott was elected, declaring a fiscal emergency, the Coalition has now flicked the switch to optimism and proposing $200 billion worth of income and company tax cuts.
The Australia Institute commissioned ReachTEL to poll the federal seats of Mayo (736 respondents) and Longman (727 respondents) on the evening of Thursday June 21.
New Australia Institute analysis of stage three of the government’s income tax plan show high-income earners will get 95% of the benefit, while three-quarters of taxpayers get no benefit at all.
Today the Senate has rejected stage 3 of the government’s income tax plan, which removes the 37 per cent tax bracket completely, resulting in people earning $200,000 facing the same marginal tax rate as someone on $41,000. If passed, stage 3 is not due to come into effect until July 2024.
Australian taxpayers have been overcompensated for bracket creep and there is no need for further income tax cuts to reduce its effects.
The government uses bracket creep to justify the income tax plan outlined in the 2018 Budget. The government claims that bracket creep is having a negative impact on the economy and income tax needs to be cut, particularly for those on high incomes.
New Australia Institute analysis of the long term impacts of bracket creep shows that taxpayers are being over compensated for bracket creep at all income levels.
The government has used bracket creep as a key reason why it needs to implement its top-end income tax cuts as outlined in the 2018 Budget.
Inequality is getting worse in Australia with the income share of the top 10% growing at the expense of everyone else.
On Monday 18 June, The Australia Institute, Australia21 and the former Treasurer, the Hon Wayne Swan MP, jointly hosted a roundtable discussion in Parliament House on dealing with economic inequality in Australia.
The report was released as part of the Inequality Roundtable and shows inequality is getting worse in Australia with the income share of the top 10% growing at the expense of everyone else.
On Monday 18 June, The Australia Institute, Australia21 and the former Treasurer, the Hon Wayne Swan MP, are jointly hosting a roundtable discussion in Parliament House on dealing with economic inequality in Australia.
A new report from The Australia Institute, released as part of the Inequality Roundtable, shows inequality is getting worse in Australia with the income share of the top 10% growing at the expense of everyone else.
New analysis from the Australia Institute shows that Queenslanders would receive below average benefits compared to the average Australian household from income tax cuts, outlined in the 2018 federal budget.
The figures represent the change in household disposable income (after tax income) as a percentage of change in the national average. Modelling also took into account tax cuts and other budgetary measures announced in the 2018 budget and then averaged out the benefit in dollar terms to each federal electorate.