Aussies to benefit from fast-tracked tax cuts in federal budget

Personal income tax cuts, which will give people earning $50,000 a year an extra $1000, are expected to be brought forward in the federal budget.

Treasurer Josh Frydenberg has indicated Tuesday night’s budget will include the fast-tracking of the tax cuts, as the government attempts to boost consumer spending.

The tax cuts were due to come into effect from the end of the 2021-22 financial year, before another round of cuts in 2024.

It is unclear how Frydenberg will bring forward the cuts on Tuesday, but speculation is mounting the government will move to legislate so they can be backdated to July 1 this year.

It would mean Australians earning between $50,000 and $120,000 would be immediately $20 a week better off, or more than $1000 a year.

The government has also announced that the budget, delayed from May due to the COVID-19 crisis, will include more than $7 billion of road and rail projects.

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