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Australians reap tax refunds worth $17.4 billion, as RBA signals tax cuts will boost spending
Almost 7 million Australians have reaped tax refunds worth more than $17.4 billion so far this year, but Reserve Bank Governor Philip Lowe says with about half of the population yet to lodge their annual returns, it is too early to judge whether income tax cuts have had an impact. Struggling retailers are hoping for busier trade in the lead-up to Christmas, with another rate cut expected on Tuesday. Trade is also expected to lift as tens of millions of Australians eligible for tax cuts of between $255 and $1,080, get their refunds when they lodge their returns. The Australian Taxation Office told ABC News by ... (full story)
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