The Australian government has approved a planned overhaul of stage 3 tax cuts, which will result in average earners receiving almost double the tax cut. The reform will benefit the majority of Australians, except those earning less than $145,000 per year. The opposition has criticized the policy, accusing the government of breaking promises. The proposed changes include abolishing the $120,001-$180,000 tax bracket and taxing individuals earning between $45,000 and $200,000 at a rate of 30%. The new tax cuts will need to pass parliament before they can be implemented.
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