The Latest Breaking News from Tax Cuts

Tax cuts are the major highlight of what Labor’s 2025 budget is doing for households

Tax cuts, more funding for Medicare bulk billing, the PBS and education are all welcome – but a lack of ambition on housing is a sore point

Today’s budget is a cautious and responsible response to the cost-of-living pressures facing voters.

All taxpayers will get two rounds of cuts but only starting from July 2026, as Treasurer Jim Chalmers makes the case for a second Labor term.

Both the House and Senate come back from recess this week to begin a busy three-week period that’s expected to focus on Republicans’ budget reconciliation agenda, including extending and expanding tax cuts and tightening immigration policy. The top items on the House agenda this week, meanwhile, will include more measures…

Government plans for tax cuts may have to be postponed due to the threat of a global trade war, the finance minister has said.

"Macroeconomic feedback effects would further increase interest rates and, therefore, lead to even worse fiscal outcomes," the Peter G. Peterson Foundation warned.

"This is the number one issue that’s looming large in peoples’ minds."

Commerce Secretary Howard Lutnick says the Trump administration wants to eliminate income taxes for those making $150,000 or less—an unprecedented shift with major consequences.