Millions of hard-hit Australian households will lose much of the savings pocketed from long-awaited tax cuts if interest rates are cranked up again. The Federal Government’s stage-three cuts came into effect on Monday and provided welcome relief for workers struggling with the rising cost of living, delivering an average annual saving of nearly $1890 for 13.6 million taxpayers.
“There’s no plan that’s going to even come close to restoring Australians’ standard of living, because this homegrown inflation is raging, and is ensuring that Australians are worse off.” Last week’s unexpectedly high inflation reading for May has more economists betting that the Reserve Bank will resume raising rates at its next meeting.
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