PM announces changes to stage three tax cuts

Prime Minister Anthony Albanese says inflation and cost-of-living pressures have forced him to amend planned tax cuts due to take effect in July, skewing the benefits to favour lower and middle income earners. The controversial stage three tax cuts were legislated in 2018. Mr Albanese says the economic situation is vastly different than five years ago, and the amendments will benefit millions of Australians on modest incomes.