1 00:00:02,720 --> 00:00:05,000 Speaker 1: My name is Lily Maddon and I'm a proud Arunda 2 00:00:05,240 --> 00:00:10,040 Speaker 1: Bungelung Calcuttin woman from Gadighl country. The Daily oz acknowledges 3 00:00:10,119 --> 00:00:12,320 Speaker 1: that this podcast is recorded on the lands of the 4 00:00:12,320 --> 00:00:15,880 Speaker 1: Gadighl people and pays respect to all Aboriginal and Torres 5 00:00:15,880 --> 00:00:18,799 Speaker 1: Strait Island and nations. We pay our respects to the 6 00:00:18,800 --> 00:00:21,599 Speaker 1: first peoples of these countries, both past and present. 7 00:00:29,120 --> 00:00:32,280 Speaker 2: Hello and welcome to the Daily os. It is Wednesday, 8 00:00:32,320 --> 00:00:35,360 Speaker 2: the seventh of September. I am Billy and I'm Tom, 9 00:00:35,440 --> 00:00:38,240 Speaker 2: and we are standing in today for Sam and Zara. 10 00:00:39,520 --> 00:00:42,840 Speaker 2: The government is facing calls to scrap some controversial tax 11 00:00:42,880 --> 00:00:46,880 Speaker 2: cuts that would benefit some of Australia's top earners. They're 12 00:00:46,920 --> 00:00:50,279 Speaker 2: called Stage three tax cuts. But what will they do 13 00:00:50,440 --> 00:00:54,040 Speaker 2: and why are people so angry about them? We'll get 14 00:00:54,040 --> 00:00:56,880 Speaker 2: into that in the Deep Dive. But first Tom, what's 15 00:00:56,920 --> 00:00:58,200 Speaker 2: making headlines this morning? 16 00:01:01,600 --> 00:01:04,399 Speaker 3: Well, Billy, The Reserve Bank of Australia has raised the 17 00:01:04,440 --> 00:01:07,560 Speaker 3: official cash rate for the fifth consecutive month, with a 18 00:01:07,640 --> 00:01:10,680 Speaker 3: zero point five percentage point hike, now placing the rate 19 00:01:10,800 --> 00:01:12,959 Speaker 3: at two point three five percent For those who are 20 00:01:13,000 --> 00:01:16,040 Speaker 3: keeping track. It is the highest cash rate since December 21 00:01:16,080 --> 00:01:16,720 Speaker 3: twenty fourteen. 22 00:01:19,319 --> 00:01:23,080 Speaker 2: Engineering issues have grounded half of Jetstar's long distance fleet, 23 00:01:23,160 --> 00:01:27,520 Speaker 2: which has left thousands of Australians stranded overseas. Jetstar has 24 00:01:27,560 --> 00:01:30,280 Speaker 2: said that five of its eleven Boeing seven eight seven 25 00:01:30,360 --> 00:01:34,240 Speaker 2: Dreamliners are out of service and has canceled eight return 26 00:01:34,319 --> 00:01:37,360 Speaker 2: flights from Australia to Bali alone since the start of 27 00:01:37,400 --> 00:01:37,839 Speaker 2: the month. 28 00:01:40,640 --> 00:01:43,600 Speaker 3: The new Prime Minister of the United Kingdom, Liz Truss, 29 00:01:43,640 --> 00:01:46,360 Speaker 3: has promised to govern as a Conservative after she won 30 00:01:46,400 --> 00:01:50,320 Speaker 3: the Conservative leadership race to replace Boris Johnson earlier this week. 31 00:01:50,680 --> 00:01:53,680 Speaker 3: Truss also said she'll focus on providing tax cuts and 32 00:01:53,760 --> 00:01:57,640 Speaker 3: addressing the impending energy crisis ahead of the winter in Europe. 33 00:02:00,000 --> 00:02:02,680 Speaker 2: Today's good news A man in Hobart has won a 34 00:02:02,720 --> 00:02:06,040 Speaker 2: two million dollar lottery prize on Father's Day, saying that 35 00:02:06,080 --> 00:02:08,600 Speaker 2: he'll use the money to help his children and travel 36 00:02:08,639 --> 00:02:11,240 Speaker 2: across Australia. He said that he had been playing the 37 00:02:11,320 --> 00:02:18,320 Speaker 2: same numbers for decades now. The federal government is facing 38 00:02:18,360 --> 00:02:22,200 Speaker 2: calls to scrap some controversial income tax cuts set to 39 00:02:22,280 --> 00:02:25,320 Speaker 2: roll out in twenty twenty four. They're called the Stage 40 00:02:25,360 --> 00:02:28,520 Speaker 2: three tax cuts and were first announced in twenty seventeen 41 00:02:28,680 --> 00:02:32,040 Speaker 2: by the then coalition government, the Labor Party at the 42 00:02:32,040 --> 00:02:35,560 Speaker 2: time voted for the tax cuts, and Prime Minister Anthony 43 00:02:35,600 --> 00:02:39,560 Speaker 2: Alberanzi has confirmed this week that Labour's position has not changed. 44 00:02:40,120 --> 00:02:43,239 Speaker 2: Tom Before we get into what the tax cuts are, 45 00:02:43,400 --> 00:02:45,440 Speaker 2: can you kind of take us back a step. Can 46 00:02:45,440 --> 00:02:49,680 Speaker 2: you lay the groundwork for how income tax actually works? 47 00:02:50,080 --> 00:02:52,400 Speaker 3: Yeah? I can. So it's something we don't really need 48 00:02:52,440 --> 00:02:54,320 Speaker 3: to think about most of the time. For most of us, 49 00:02:54,320 --> 00:02:56,720 Speaker 3: our tax just gets taken out of our paycheck before 50 00:02:56,760 --> 00:02:58,880 Speaker 3: it even reaches us, and most people probably don't think 51 00:02:58,919 --> 00:03:01,639 Speaker 3: about the ins and outs of how the system works, 52 00:03:01,880 --> 00:03:04,440 Speaker 3: the plumbing of income tax, if you like. But what 53 00:03:04,560 --> 00:03:07,640 Speaker 3: sits behind that? The simplest version is, it's a system 54 00:03:07,680 --> 00:03:11,680 Speaker 3: of different rates, different tax rates at different income levels, 55 00:03:11,840 --> 00:03:14,760 Speaker 3: so everyone follows the same rules for everybody. The first 56 00:03:14,919 --> 00:03:18,160 Speaker 3: eighteen two hundred dollars that you earn is tax free, 57 00:03:18,520 --> 00:03:21,320 Speaker 3: and then after that it starts getting taxed at nineteen 58 00:03:21,400 --> 00:03:24,720 Speaker 3: cents in every dollar, so nineteen percent up until you 59 00:03:24,720 --> 00:03:27,359 Speaker 3: earn about forty five thousand dollars, and then it just 60 00:03:27,440 --> 00:03:29,000 Speaker 3: kind of keeps going up. You get kind of higher 61 00:03:29,000 --> 00:03:31,560 Speaker 3: and higher rates. The top rate for people who earn 62 00:03:31,680 --> 00:03:34,440 Speaker 3: above one hundred and eighty thousand for any money above 63 00:03:34,520 --> 00:03:37,320 Speaker 3: that level that gets taxed at forty five cents for 64 00:03:37,360 --> 00:03:40,520 Speaker 3: every dollar, so forty five percent, and so it's those 65 00:03:40,560 --> 00:03:42,520 Speaker 3: kind of rates that determine how much tax you pay, 66 00:03:42,560 --> 00:03:44,720 Speaker 3: and the result of that is a system that we 67 00:03:44,760 --> 00:03:47,920 Speaker 3: call a progressive tax system where the more you earn, 68 00:03:48,280 --> 00:03:50,720 Speaker 3: the more you pay, and specifically, the more you earn, 69 00:03:51,080 --> 00:03:53,520 Speaker 3: the higher percentage of your income you pay. 70 00:03:54,240 --> 00:03:57,160 Speaker 2: And so that's how it currently works. But we're talking 71 00:03:57,160 --> 00:04:00,960 Speaker 2: about this today because there are changes come in. So Tom, 72 00:04:01,200 --> 00:04:04,640 Speaker 2: what would those Stage three tax carts mean? 73 00:04:05,280 --> 00:04:08,400 Speaker 3: So basically, Billy, it's a series of changes to those 74 00:04:08,520 --> 00:04:11,160 Speaker 3: rates and to the income levels that they kick in. 75 00:04:11,760 --> 00:04:13,840 Speaker 3: So first maybe I'll just explain why it's actually called 76 00:04:13,920 --> 00:04:16,240 Speaker 3: stage three. So way back in twenty eighteen when this 77 00:04:16,360 --> 00:04:18,360 Speaker 3: was first introduced, to think back to at this point, 78 00:04:18,440 --> 00:04:20,440 Speaker 3: Malcolm Turnbull was still a Prime minister, that's how long 79 00:04:20,480 --> 00:04:23,839 Speaker 3: ago that was. It was this three stage tax plan. 80 00:04:23,920 --> 00:04:26,040 Speaker 3: The first two stages were already dealt with. The third 81 00:04:26,080 --> 00:04:28,440 Speaker 3: one is due to come in in twenty twenty four 82 00:04:29,279 --> 00:04:31,560 Speaker 3: and what it will mean is that basically, all money 83 00:04:31,560 --> 00:04:34,680 Speaker 3: that you earn between forty five thousand, all the way 84 00:04:34,760 --> 00:04:37,440 Speaker 3: up to two hundred thousand will now be taxed at 85 00:04:37,440 --> 00:04:40,120 Speaker 3: a single rate of thirty percent. So before there were 86 00:04:40,120 --> 00:04:42,440 Speaker 3: a whole bunch of different rates thirty two point five 87 00:04:42,480 --> 00:04:45,159 Speaker 3: for a while thirty seven forty five. Now across that 88 00:04:45,200 --> 00:04:48,080 Speaker 3: whole range it will be taxed at thirty cents for 89 00:04:48,120 --> 00:04:51,080 Speaker 3: every dollar. So it's a significant kind of I guess 90 00:04:51,080 --> 00:04:56,120 Speaker 3: equalization of tax across that range. That's the main change. Really, 91 00:04:56,160 --> 00:04:58,680 Speaker 3: that's pretty much all it is. But the effect of 92 00:04:58,680 --> 00:05:01,240 Speaker 3: that is, I suppose where things start to get controversial. 93 00:05:01,279 --> 00:05:04,320 Speaker 2: Right, So those would be some of the highest income 94 00:05:04,400 --> 00:05:08,400 Speaker 2: earners essentially paying less tax on their income. Is that right? 95 00:05:08,480 --> 00:05:09,480 Speaker 2: Is that where we're getting at? 96 00:05:09,600 --> 00:05:12,280 Speaker 3: Yeah, that is right, And so I guess if you 97 00:05:12,320 --> 00:05:15,160 Speaker 3: think about it as across that forty five to two 98 00:05:15,279 --> 00:05:19,240 Speaker 3: hundred thousand dollar range, every dollar is getting tax cheaper. 99 00:05:19,680 --> 00:05:22,120 Speaker 3: So in other words, the higher you are up that range, 100 00:05:22,160 --> 00:05:24,640 Speaker 3: the bigger benefit you're getting. So to just put it 101 00:05:24,640 --> 00:05:27,800 Speaker 3: in a bit of context, roughly speaking, about half of 102 00:05:27,880 --> 00:05:31,360 Speaker 3: taxpayers earn below forty five thousand dollars. Those people will 103 00:05:31,360 --> 00:05:33,960 Speaker 3: get no benefit from this, So we're talking in that 104 00:05:34,000 --> 00:05:36,440 Speaker 3: sense about the top half who will get any benefit. 105 00:05:37,160 --> 00:05:39,480 Speaker 3: But the biggest benefit comes to people who are right 106 00:05:39,520 --> 00:05:41,240 Speaker 3: at the top there. Anyone who's sort of two hundred 107 00:05:41,279 --> 00:05:43,880 Speaker 3: thousand dollars and above, they get a benefit from this 108 00:05:43,960 --> 00:05:45,440 Speaker 3: tax cart and I guess this is really just the 109 00:05:45,440 --> 00:05:47,640 Speaker 3: headline that you can keep in your head. They get 110 00:05:47,640 --> 00:05:50,360 Speaker 3: a tax benefit of nine thousand dollars a little bit 111 00:05:50,400 --> 00:05:52,840 Speaker 3: more than nine thousand dollars each, And so that's where 112 00:05:52,880 --> 00:05:54,960 Speaker 3: some of the controversy comes, because that we're talking there 113 00:05:55,000 --> 00:05:57,800 Speaker 3: about the top ten percent of taxpayers who will get 114 00:05:57,839 --> 00:06:00,200 Speaker 3: about nine thousand dollars each in their pockets from twenty 115 00:06:00,240 --> 00:06:03,360 Speaker 3: twenty four each year compared to under the current system, 116 00:06:03,720 --> 00:06:06,360 Speaker 3: whereas any one under forty five thousand, which is about 117 00:06:06,400 --> 00:06:09,400 Speaker 3: half of us, get nothing. And so that's where some 118 00:06:09,440 --> 00:06:11,800 Speaker 3: of the controversy has come there. And again, there were 119 00:06:11,839 --> 00:06:14,320 Speaker 3: three stages to this tax plan. So the first two 120 00:06:14,320 --> 00:06:17,320 Speaker 3: stages might have had some stuff in there for those people, 121 00:06:17,640 --> 00:06:19,800 Speaker 3: but this stage three that we're talking about now, which 122 00:06:19,839 --> 00:06:22,160 Speaker 3: still lies ahead of us in twenty twenty four, some 123 00:06:22,240 --> 00:06:24,560 Speaker 3: of that controversy comes because it is essentially a tax 124 00:06:24,600 --> 00:06:25,880 Speaker 3: cut for high income owners. 125 00:06:26,200 --> 00:06:28,239 Speaker 2: And so I've said that there are calls to scrap 126 00:06:28,320 --> 00:06:31,640 Speaker 2: this tax cut, but we haven't actually explained why Labour 127 00:06:31,720 --> 00:06:34,839 Speaker 2: says that it is supporting this despite the controversy, So 128 00:06:34,920 --> 00:06:36,119 Speaker 2: what does Labor say? 129 00:06:36,520 --> 00:06:39,080 Speaker 3: Yeah, So Labour's position on this has been interesting. When 130 00:06:39,360 --> 00:06:42,880 Speaker 3: the tax cuts were first announced, they said that they 131 00:06:42,880 --> 00:06:46,800 Speaker 3: didn't like Stage three. Jim Chalmers described it as kind 132 00:06:46,839 --> 00:06:50,880 Speaker 3: of unfair and unjustified. But when it actually came to 133 00:06:50,920 --> 00:06:53,479 Speaker 3: a vote in Parliament, all three stages will voted on 134 00:06:53,600 --> 00:06:57,359 Speaker 3: together and Labor voted for the full package of tax cuts, 135 00:06:57,680 --> 00:06:59,680 Speaker 3: and at the time they were a little bit ambiguous 136 00:06:59,680 --> 00:07:01,320 Speaker 3: on the es well, what would you do if you 137 00:07:01,400 --> 00:07:03,840 Speaker 3: got elected? Would you keep Stage three since you say 138 00:07:03,839 --> 00:07:07,239 Speaker 3: that you don't like it. Then after the twenty nineteen election, 139 00:07:07,320 --> 00:07:09,920 Speaker 3: which Labor lost, it was a bit clearer on its 140 00:07:09,960 --> 00:07:12,800 Speaker 3: position that no, we will keep all three of these stages. 141 00:07:13,040 --> 00:07:15,480 Speaker 3: So Labor went to the last election promising that they 142 00:07:15,520 --> 00:07:18,520 Speaker 3: would keep these Stage three tax cuts. Because again they 143 00:07:18,520 --> 00:07:20,680 Speaker 3: haven't actually happened yet. It's still twenty twenty four, we 144 00:07:20,680 --> 00:07:23,920 Speaker 3: haven't got to Stage three yet. But Labour's position before 145 00:07:23,960 --> 00:07:26,200 Speaker 3: the election and the position that they've stuck with now 146 00:07:26,680 --> 00:07:29,680 Speaker 3: is that they will not reverse those Stage three tax cuts. 147 00:07:30,240 --> 00:07:33,360 Speaker 2: The one thing that I keep thinking as you're explaining this, Tom, 148 00:07:33,440 --> 00:07:36,240 Speaker 2: is that I keep hearing Anthony ALBERIZI say, you know, 149 00:07:36,280 --> 00:07:39,680 Speaker 2: we've inherited this one trillion dollar debt. We have an 150 00:07:39,720 --> 00:07:43,680 Speaker 2: issue with the budget, and so people paying less tax 151 00:07:43,840 --> 00:07:47,280 Speaker 2: essentially means that the government has less money to spend. 152 00:07:47,800 --> 00:07:50,640 Speaker 2: In my head, that doesn't quite make sense given what 153 00:07:50,720 --> 00:07:52,000 Speaker 2: he keeps saying about the debt. 154 00:07:52,240 --> 00:07:54,280 Speaker 3: I think that's a really good question, Billy, and I'll 155 00:07:54,320 --> 00:07:58,000 Speaker 3: answer it after a quick message from our sponsor. Okay, 156 00:07:58,040 --> 00:08:00,440 Speaker 3: so just to get us back into it, Billy, question 157 00:08:00,880 --> 00:08:04,120 Speaker 3: really is what's the impact of this on the budget. 158 00:08:04,360 --> 00:08:07,320 Speaker 3: Because you're right, we're hearing this labor government is talking 159 00:08:07,360 --> 00:08:10,200 Speaker 3: a lot about I guess being the bearer of bad news. Right. 160 00:08:10,200 --> 00:08:11,960 Speaker 3: There are a lot of things this week. We've heard 161 00:08:11,960 --> 00:08:14,920 Speaker 3: about the idea of parental leave. We've had a bit 162 00:08:14,960 --> 00:08:18,120 Speaker 3: of a conversation about job seeker, the unemployment benefit, whether 163 00:08:18,120 --> 00:08:20,240 Speaker 3: that should get higher. And what Labour says when they're 164 00:08:20,240 --> 00:08:21,640 Speaker 3: asked about all of these things is we think that 165 00:08:21,640 --> 00:08:24,840 Speaker 3: they're good ideas, but we've inherited a bad budget. We've 166 00:08:24,880 --> 00:08:28,200 Speaker 3: inherited trillions of dollars of debt. Essentially, we can't afford 167 00:08:28,240 --> 00:08:30,800 Speaker 3: it that that's been the conversation that we've heard from 168 00:08:30,880 --> 00:08:33,439 Speaker 3: Jim Chalmers, the Treasurer, and from the government in general. 169 00:08:34,480 --> 00:08:36,920 Speaker 3: And so to answer this question of well, you know, 170 00:08:37,120 --> 00:08:39,400 Speaker 3: at the same time, tax cuts are kind of an 171 00:08:39,440 --> 00:08:41,600 Speaker 3: expense for the government, right when you think about it 172 00:08:41,640 --> 00:08:44,440 Speaker 3: that way, it's money that the government is currently collecting 173 00:08:44,520 --> 00:08:47,000 Speaker 3: that they're going to stop collecting. And in this case, 174 00:08:47,040 --> 00:08:50,000 Speaker 3: it's a lot of money. So you know, government budget 175 00:08:50,080 --> 00:08:52,720 Speaker 3: numbers can be a bit meaningless because they all, you know, million, billion, trillion, 176 00:08:52,720 --> 00:08:55,400 Speaker 3: they all sound really big. What we're talking about here 177 00:08:55,520 --> 00:08:59,040 Speaker 3: is around about twenty billion dollars a year that the 178 00:08:59,080 --> 00:09:01,680 Speaker 3: government will stop clear acting in tax That's a lot 179 00:09:01,720 --> 00:09:04,400 Speaker 3: of money. That is about the full budget that the 180 00:09:04,440 --> 00:09:08,280 Speaker 3: government spends on medicines through the pharmaceutical benefits scheme every year. 181 00:09:08,720 --> 00:09:10,800 Speaker 3: It's about one and a half times what the government 182 00:09:10,840 --> 00:09:14,480 Speaker 3: spends on welfare benefits like the unemployment payment and another 183 00:09:14,600 --> 00:09:16,560 Speaker 3: kind of youth allowance and those sorts of things. So 184 00:09:16,600 --> 00:09:19,680 Speaker 3: that's a really significant amount of money every single year 185 00:09:19,800 --> 00:09:22,000 Speaker 3: that's coming out of the budget. And I think that 186 00:09:22,000 --> 00:09:24,480 Speaker 3: that's where some of the controversy has come here. 187 00:09:25,040 --> 00:09:29,440 Speaker 2: I'm still trying to understand though, exactly why the government, 188 00:09:29,920 --> 00:09:32,600 Speaker 2: or when the coalition was in the government, why they 189 00:09:32,640 --> 00:09:35,400 Speaker 2: thought that this was a good idea. Is it that 190 00:09:35,520 --> 00:09:38,600 Speaker 2: people will have more money in their pockets to spend. 191 00:09:39,440 --> 00:09:42,080 Speaker 3: It's a tricky question to answer that one. It gets 192 00:09:42,160 --> 00:09:46,760 Speaker 3: into pretty i guess, contentious territory and people have different views. 193 00:09:47,559 --> 00:09:51,560 Speaker 3: In general. What we know as far as say, having 194 00:09:51,600 --> 00:09:54,440 Speaker 3: people have money in their pockets and spending it is 195 00:09:54,440 --> 00:09:57,280 Speaker 3: that it's people on lower incomes who were more likely 196 00:09:57,320 --> 00:10:00,000 Speaker 3: to spend any money you give them, basically because they're 197 00:10:00,000 --> 00:10:02,880 Speaker 3: already struggling to make ends meets. So the evidence shows 198 00:10:03,520 --> 00:10:05,920 Speaker 3: that if you give a tax cut to sort of 199 00:10:06,000 --> 00:10:08,520 Speaker 3: higher income people, they're more likely to save it than 200 00:10:08,559 --> 00:10:11,080 Speaker 3: to spend it. But having said that, certainly you give 201 00:10:11,120 --> 00:10:13,160 Speaker 3: some money back to them, that there's an argument that 202 00:10:13,160 --> 00:10:15,640 Speaker 3: that money goes into the economy and that there's a 203 00:10:15,679 --> 00:10:18,319 Speaker 3: benefit there. And the coalition government did talk a lot 204 00:10:18,320 --> 00:10:20,720 Speaker 3: about it's your money, we're giving it back to you. 205 00:10:20,800 --> 00:10:23,200 Speaker 3: That's the language that these tax cuts off and get 206 00:10:23,240 --> 00:10:25,959 Speaker 3: spoken about. But it's worth saying and not to get 207 00:10:25,960 --> 00:10:28,760 Speaker 3: into too complicated territory here. We're talking a lot about 208 00:10:28,760 --> 00:10:31,120 Speaker 3: inflation at the moment, and this big problem in the 209 00:10:31,160 --> 00:10:34,920 Speaker 3: economy of rising prices, and one of the quickest ways 210 00:10:34,920 --> 00:10:37,520 Speaker 3: to explain that problem is that there's too much spending, 211 00:10:37,559 --> 00:10:40,560 Speaker 3: too much economic activity. So it's not actually necessarily a 212 00:10:40,600 --> 00:10:42,080 Speaker 3: time that we want to be putting a lot of 213 00:10:42,080 --> 00:10:45,000 Speaker 3: money into pockets and encouraging them to spend. And that's 214 00:10:45,040 --> 00:10:47,640 Speaker 3: also part of the equation here. This was, you know, 215 00:10:47,960 --> 00:10:50,880 Speaker 3: several years ago when this plan was cooked up. The 216 00:10:50,880 --> 00:10:52,959 Speaker 3: world has changed a lot since then. We weren't worried 217 00:10:53,000 --> 00:10:55,480 Speaker 3: about inflation back then, we didn't have COVID or any 218 00:10:55,520 --> 00:10:59,080 Speaker 3: of that. Back then. The world has changed significantly. The 219 00:10:59,120 --> 00:11:02,079 Speaker 3: budget position has changed significantly. I guess you could probably 220 00:11:02,120 --> 00:11:05,200 Speaker 3: say the government budget needs the money more because there's 221 00:11:05,200 --> 00:11:07,000 Speaker 3: a bit of a spending problem that's come you know, 222 00:11:07,040 --> 00:11:09,680 Speaker 3: since the COVID pandemic. There's that trillion dollars of debt. 223 00:11:09,920 --> 00:11:12,600 Speaker 3: So circumstances have changed a little bit, and that's where 224 00:11:12,600 --> 00:11:15,480 Speaker 3: this gets tricky, and that's where I think look to 225 00:11:15,520 --> 00:11:17,559 Speaker 3: be honest, I think Labour's been pretty clear in their 226 00:11:17,600 --> 00:11:19,840 Speaker 3: history of statements over several years they don't like these 227 00:11:19,880 --> 00:11:22,400 Speaker 3: tax cuts very much, and I think not to be 228 00:11:22,440 --> 00:11:25,320 Speaker 3: too unfair to them, but it is probably reasonable to 229 00:11:25,320 --> 00:11:27,720 Speaker 3: say that the reason they're keeping them is because they 230 00:11:27,720 --> 00:11:29,480 Speaker 3: promise too. They don't want to break their promise. It's 231 00:11:29,480 --> 00:11:31,839 Speaker 3: sort of a political buying that they find themselves in. 232 00:11:32,240 --> 00:11:34,559 Speaker 3: But I think where the big challenge comes is these 233 00:11:34,559 --> 00:11:37,679 Speaker 3: were announced a long time ago, and times are changing, 234 00:11:37,920 --> 00:11:40,240 Speaker 3: and how much do we expect government to kind of 235 00:11:40,280 --> 00:11:43,240 Speaker 3: adapt to that circumstance. That's the really difficult challenge that 236 00:11:43,320 --> 00:11:45,319 Speaker 3: faces the labor government at the moment. 237 00:11:52,559 --> 00:11:54,840 Speaker 2: Thank you so much for joining us on the daily ours, 238 00:11:54,880 --> 00:11:56,079 Speaker 2: and thank you so much. Tom. 239 00:11:56,200 --> 00:11:57,240 Speaker 3: It's good to be back, Billy. 240 00:11:57,480 --> 00:12:00,480 Speaker 2: If you've learned something from today's episode, don't forget to 241 00:12:00,559 --> 00:12:03,520 Speaker 2: hit subscribe, so there's a TDA episode waiting for you 242 00:12:03,640 --> 00:12:07,720 Speaker 2: every weekday morning at six am. We'll be back again tomorrow, 243 00:12:07,800 --> 00:12:15,880 Speaker 2: but until then, have a great day.