From July 2024 anyone earning between $45,000 and $200,000 will be taxed at 30 per cent, while those earning over the highest bracket will have their tax rate set at 45 per cent.
The tax cuts, which will mainly benefit middle to high income earners, were legislated in 2018 and 2019 under the then-Coalition government and involved a number of income tax cuts spread out over a number of years.
Stages 1 and 2 have already been enacted.
However, stage 3 is not set to kick in for another two years and had been estimated to cost around $243 billion over 10 years.
Read more at ABC News
