Working Australians plan to save the majority of their upcoming tax cuts, rather than spend them, according to a new report. The latest Westpac-Melbourne Institute consumer sentiment survey shows most households intend to save about 80 per cent of their money when the third stage tax cuts come into effect on July 1. For the average household, the average worker will receive an extra $29 a week from July 1, while the lowest-paid households will receive an extra $15.
the survey found that most Australians plan to save the money they receive from the stage three tax cuts. (iStock) “The survey results suggest that consumers will use the tax cuts as an opportunity to repair their finances and rebuild their savings buffer, rather than spending,” said Westpac senior economist Matthew Hassan. The report showed that most Australians are more concerned about the cost of living and inflation. Later today, Shadow Treasurer Angus Taylor will deliver a post-budget speech at the National Press Club in Canberra. Australia’s 20 richest people View gallery With less than a year to go until the next federal election, the biggest question facing the Coalition is whether it will reinstate the top stage three tax cuts for the wealthiest Australians if it wins the next election. Meanwhile, Prime Minister Anthony Albanese has ruled out a snap election, saying he will not focus on campaigning until his government has addressed the cost of living crisis.