Luke GrahamLeave a comment
In late-July, Michelle Grattan of the University of Canberra penned an article for The Conversation analysing Federal Labor’s ‘small target’ strategy ahead of the 2022 election. The “de-Shortening” of Labor casts aside previous plans to reform franking credit cash refunds and raise taxes on capital gains. In addition, it looks like Federal Labor won’t meddle with tax reform introduced by the Coalition, meaning people earning between $45,000 and $200,000 will face a marginal tax rate of 30 percent (scrapping the 37% rate) from 1 July 2024 onwards. Politically speaking, this appears to be a subtle shift toward the centre by Labor.