Jul 17, 2026 – 4.16pmAustralians could pay $26,000 more in tax over the next decade unless the Albanese government offers another round of tax cuts or lifts income tax brackets in line with inflation.The lack of indexation in the income tax system means Treasurer Jim Chalmers’ budget bakes in a $478 billion bracket creep-driven rise in income taxes over a decade, adding weight to the Parliamentary Budget Office’s claim the budget is underpinned by a systemic “optimism bias”.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Budget forecasts rest on ‘unlikely’ $480b income tax boon
Income taxes are at the highest level this century and Treasurer Jim Chalmers’ budget show it is set to grow even further.
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