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Jim Chalmers defends Albanese government’s revised stage three tax cuts

Treasurer Jim Chalmers has defended the Albanese government’s revised stage three tax cuts, which critics say do not address the issue of bracket creep.

Treasury modelling shows that over the next 10 years, the extra bracket creep will result in the government raking in an extra $28 billion.

“We are providing substantial tax relief up and down the income scale, with a bigger emphasis on middle Australia,” Mr Chalmers said.

“By putting the old $120,000 threshold back in at $135,000 … we are returning bracket creep, and we are doing that in a way which recognises there is more than one way to return bracket creep.

“We are returning bracket creep where it matters most and where it hurts the most, which is in middle Australia.”

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