Australian taxpayers are on course to pay their highest average personal income tax rate since the turn of the century, according to a recent analysis.
In 1959, Aussie workers had, on average, just 12 per cent of their pay packets set aside as income tax.
That is set to rise to 25.5 per cent over the coming decade, according to the analysis by the Parliamentary Budget Office. And that’s after factoring in massive tax cuts scheduled to kick in for higher income workers in 2024.
What’s going on? As an election looms, are workers likely to get any more tax relief next year?
Today on Please Explain, economics correspondent Shane Wright joins Jess Irvine to discuss.
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