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Anthony Albanese’s new tax cuts for everyday working Aussies could stall interest rate cuts
Tax cuts designed to put money back in Australians’ pockets could increase inflation and slow down interest rate cuts, economists have warned. While most economists expected two interest rate cuts in 2024 after months of brutal hikes left many with unaffordable mortgage payments, this relief could now stall. Deloitte Access Economics partner Stephen Smith told news.com.au any expected interest rate cuts in 2024 “could become one, or perhaps none” due to the potential for the revised tax cuts to put upward pressure on inflation. This is because the new plan will put more money into the pockets of low and middle ... (full story)