1 00:00:01,440 --> 00:00:05,360 Speaker 1: And Amanda jam Nation. I keep hearing about stage three 2 00:00:05,360 --> 00:00:08,600 Speaker 1: tax cuts. Are they good? Are they bad? As alb 3 00:00:09,000 --> 00:00:12,039 Speaker 1: As Anthony Alberanzi gone back on an election promise. What 4 00:00:12,080 --> 00:00:14,360 Speaker 1: does it all mean? We thought we'd get Fie Zahas 5 00:00:14,680 --> 00:00:17,160 Speaker 1: to break it down for us, our financial expert e 6 00:00:17,239 --> 00:00:22,600 Speaker 1: Fie Hello, Hello, Hello, Hello. So stage three tax cuts 7 00:00:22,720 --> 00:00:24,640 Speaker 1: at its most basic, What is it and what does 8 00:00:24,680 --> 00:00:30,840 Speaker 1: it mean? Well, look, essentially, Hugh, this is the third 9 00:00:31,240 --> 00:00:33,800 Speaker 1: of tax changes that we've had so far. Well what's 10 00:00:33,840 --> 00:00:36,400 Speaker 1: coming along? Because you remember we had stage tax one 11 00:00:36,880 --> 00:00:40,800 Speaker 1: and two and that was more to assist the lower 12 00:00:40,800 --> 00:00:44,239 Speaker 1: income earners, and now there's this debate all around the 13 00:00:44,840 --> 00:00:49,040 Speaker 1: tax cuts to stage three, and what it actually was 14 00:00:49,080 --> 00:00:52,440 Speaker 1: showing is that it was unfair in the sense that 15 00:00:52,840 --> 00:00:55,360 Speaker 1: when you look at someone who's say earning you know, 16 00:00:55,400 --> 00:00:58,280 Speaker 1: a doctor, maybe about two hundred and four thousand dollars, 17 00:00:58,480 --> 00:01:01,000 Speaker 1: they would have sent a benefit here of nine thousand 18 00:01:01,000 --> 00:01:05,440 Speaker 1: dollars in Stage three changes, whereby if you're a part 19 00:01:05,480 --> 00:01:09,040 Speaker 1: time cafe worker, stay earning around twenty six thousand, nothing 20 00:01:09,120 --> 00:01:12,280 Speaker 1: would have come into your pocket. A retail manager, that's say, 21 00:01:12,319 --> 00:01:14,319 Speaker 1: on sixty thousand, you would have only seen a change 22 00:01:14,360 --> 00:01:19,800 Speaker 1: of about four hundred dollars, Nurses only about nine hundred dollars, 23 00:01:20,000 --> 00:01:22,039 Speaker 1: and even teachers would have only seen about a twelve 24 00:01:22,160 --> 00:01:26,600 Speaker 1: hundred dollar difference there. So what they're proposing is basically 25 00:01:26,880 --> 00:01:30,360 Speaker 1: shifting around the tax brackets. So if you're not too 26 00:01:30,400 --> 00:01:32,440 Speaker 1: sure at the moment, what we have in Australia is 27 00:01:32,480 --> 00:01:35,520 Speaker 1: that up to eighteen thousand, two hundreds, whoever you are, 28 00:01:35,600 --> 00:01:39,640 Speaker 1: whatever you're earning, that is mel no tax is payable 29 00:01:39,720 --> 00:01:42,440 Speaker 1: on up to eighteen thousand, two hundred. You then have 30 00:01:42,520 --> 00:01:45,119 Speaker 1: a bracket between eighteen thousand and two hundred took forty 31 00:01:45,120 --> 00:01:47,600 Speaker 1: five and you pay nineteen cents for each dollar. Over that, 32 00:01:47,960 --> 00:01:50,720 Speaker 1: the forty five to one twenty is thirty two thirty 33 00:01:50,720 --> 00:01:53,080 Speaker 1: two cents and fifty, and then one hundred twenty one 34 00:01:53,160 --> 00:01:55,640 Speaker 1: hundred and eighty thousand is about thirty seven cents, and 35 00:01:55,840 --> 00:01:57,840 Speaker 1: over that you know you're on the highest tax cracket. 36 00:01:58,480 --> 00:02:02,040 Speaker 1: So they're proposing to change these brackets, shift them around, 37 00:02:02,760 --> 00:02:05,760 Speaker 1: so basically to give a little bit more now to 38 00:02:05,880 --> 00:02:10,440 Speaker 1: lower income earners. And so is everyone supporting this? Is 39 00:02:10,480 --> 00:02:14,640 Speaker 1: this likely to go through? I think that, Look, I 40 00:02:14,680 --> 00:02:17,240 Speaker 1: really do think a man of this is more playing 41 00:02:17,240 --> 00:02:22,200 Speaker 1: for voters than actually enhancing our tax system. It really does, 42 00:02:22,280 --> 00:02:24,920 Speaker 1: and even overhaul. I've been a big advocate that I 43 00:02:25,000 --> 00:02:27,840 Speaker 1: don't think what we're doing here now is actually going 44 00:02:27,880 --> 00:02:30,679 Speaker 1: to fix the situation. Yes, we're all their cost of 45 00:02:30,680 --> 00:02:33,560 Speaker 1: living crisis, but it's not giving money to those that 46 00:02:33,840 --> 00:02:37,079 Speaker 1: really need it in that lower income area. I mean 47 00:02:37,320 --> 00:02:40,520 Speaker 1: things like, maybe looking at that tax free threshold eighteen 48 00:02:41,000 --> 00:02:44,000 Speaker 1: two hundred, should we increase that? Should we be looking 49 00:02:44,040 --> 00:02:49,040 Speaker 1: instead in increasing GST? Well, look, no one, everyone wants 50 00:02:49,040 --> 00:02:51,400 Speaker 1: a tax cut and everyone will get something out of 51 00:02:51,480 --> 00:02:54,040 Speaker 1: this unless you know the top forty five percent tax 52 00:02:54,120 --> 00:02:56,120 Speaker 1: rate will kick in now at one hundred and ninety 53 00:02:56,120 --> 00:03:00,880 Speaker 1: they're proposing that rather than one eighty. I think we 54 00:03:01,000 --> 00:03:03,200 Speaker 1: need to really consider the fact that those that are 55 00:03:03,200 --> 00:03:06,600 Speaker 1: doing it really tough are the low, low income earners, 56 00:03:06,840 --> 00:03:09,600 Speaker 1: and the more we can throw that way, the better. 57 00:03:10,560 --> 00:03:12,200 Speaker 1: I'm going to be happy with this. I always feel 58 00:03:12,200 --> 00:03:14,560 Speaker 1: for those people that makes one hundred ninety thousand dollars 59 00:03:14,680 --> 00:03:16,280 Speaker 1: used to be a lot of money a long time ago, 60 00:03:16,360 --> 00:03:18,959 Speaker 1: and now people are mortgage stressed on one hundred and 61 00:03:19,000 --> 00:03:23,120 Speaker 1: ninety thousand dollars. And that's because typically those in one 62 00:03:23,160 --> 00:03:26,080 Speaker 1: hundred ninety thousand that probably have a bigger mortgage as well. 63 00:03:26,520 --> 00:03:28,400 Speaker 1: You know the old saying, the more income you earn, 64 00:03:28,440 --> 00:03:32,040 Speaker 1: the bigger your expenses become as well. I'm not suggesting 65 00:03:32,080 --> 00:03:33,960 Speaker 1: for a minute that you know it's just because you're 66 00:03:33,960 --> 00:03:36,160 Speaker 1: earning one hundred and ninety thousand you're not feeling cost 67 00:03:36,200 --> 00:03:40,040 Speaker 1: of living crunch. That's happening across all income brackets here. 68 00:03:40,600 --> 00:03:43,080 Speaker 1: But I think the bigger issue here is really we 69 00:03:43,160 --> 00:03:47,920 Speaker 1: have a tax system that is so convoluted it's not easy. 70 00:03:48,520 --> 00:03:50,600 Speaker 1: And I think the bigger issue here is that they 71 00:03:50,640 --> 00:03:53,560 Speaker 1: have broken a promise and no one's really going to 72 00:03:53,720 --> 00:03:57,880 Speaker 1: like that. Oh yeah, a politician breaking a promise? What 73 00:03:58,120 --> 00:04:02,640 Speaker 1: unheard of? This is new Fie bombshell news. It's not you, 74 00:04:03,360 --> 00:04:05,280 Speaker 1: it's not you. I feel it's more of the case 75 00:04:05,280 --> 00:04:07,120 Speaker 1: of picking up boats than coming up with a real 76 00:04:07,160 --> 00:04:10,360 Speaker 1: solution here. Well, if you thank you for clearing the waters, 77 00:04:10,520 --> 00:04:13,840 Speaker 1: Amanda will be around with her all her receipts and stuff. Yes, 78 00:04:13,880 --> 00:04:17,120 Speaker 1: I've got my shoe box ready for you. Thank you. 79 00:04:17,160 --> 00:04:20,640 Speaker 1: I'm about to get booked by someone, so take off. 80 00:04:20,800 --> 00:04:23,800 Speaker 1: Thank you, Thank you very much.