How Albanese govt plans to breathe new life into Australian economy

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  • Emerging as the winner in the 2022 Australian federal election, the Labor Party has come to power under the leadership of Anthony Albanese.
  • PM Albanese is focused on strengthening Australia’s economy and make the country stronger and more resilient.
  • The Labor government believes that the Morrison government worsened Australia’s economic conditions with wrong policies and governance.
  • The new government intends to bring in essential changes in the taxation system.

Anthony Albanese, the newly elected Prime Minister of Australia, has promised Australians that he is determined to make Australian economy stronger and more resilient. The Labor government is expected to uplift Australian working families by offering clear and relaxed taxation system.

The government strongly believes that Australians deserve so much better and there is a need to improve the budget, create jobs and boost economy. Albanese is geared up to build a stronger nation where no one is left behind.

What’s the present state of the Australian economy?

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The Labor government believes that the former government failed to address many major issues. During their tenure, various issues like stagnant wages, insecure jobs, and increased healthcare and childcare costs spiralled.

The Albanese govt is of the opinion that the Morrison government was the second highest taxing government in the last 30 years. While it promised to deliver eight surpluses, the government ended up leading Australia to eight deficits.

How does the new government plan to speed up recovery?

The Albanese-led Labor government has made tall promises to deliver lower taxes for working families. Moving ahead on the said promises, the government plans to give legislated tax cuts to extend tax relief to over 9 million Australians whose annual incomes are above AU$45,000.

Labor plans to take essential measures to increase the low-and-middle income tax offset by AU$420 this year. It will provide some relief to Australians in terms of cost of living.

Albanese aims to effectuate significant investments that can give a substantial boost to the economy. This will involve deriving fair share of tax from all multinational companies and international businesses operating across the country.

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