Bracket creep and the end of the low- and middle-income offset delivered the biggest tax hike in the developed world as inflation surged, OECD data shows.
Working Australians suffered the biggest increase in average tax rates in the developed world with the end of the low- and middle-income tax offset and bracket creep, just as an unusual mix of petrol, cooking oil, bread and insurance combined to drive up the cost of living.
Single people on two-thirds of the average income, about $67,000, are now paying 20.2 per cent of their wage in tax, a 17 per cent jump on their tax burden in 2022. It is the highest tax hit on this group since the early 2000s. “Our tax cuts are a better way to provide relief from bracket creep. Under our plan, the average taxpayer will pay less of their income in tax for at least the next decade.”
The tax take increased just as the inflation rate accelerated. It peaked at 7.8 per cent at the end of 2022, with figures this week revealing it hasBut a handful of sectors has helped drive up the inflation rate with petrol, the single largest purchase of Australian households, the key problem. Construction costs on new homes have jumped by almost 35 per cent, while insurance inflation has risen by 32 per cent.
“Australian audiovisual prices are now 17 per cent higher than Canadian prices relative to March 2018 and 40 per cent higher than US prices.”
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