<p>Sydney: Australia Prime Minister Anthony Albanese said on Wednesday that he would consult lawmakers to modify proposed tax cuts for higher earners, potentially breaking an election pledge in a decision likely to face strong resistance from the opposition.</p><p>The already-legislated tax cuts were due to abolish a 37 per cent tax band for those earning AD $120,000 ($78,960) to AD $180,000, as well as applying a 30 per cent tax rate to income between AD $45,000 and AD $200,000 which currently begins at 32.5 per cent.</p><p>Local media reported the 37 per cent band would be retained under the new proposal, with the saving redirected to those on middle and low incomes.</p><p>Albanese told a news conference he would be taking a revised proposal to Labour parliamentarians later on Wednesday, without elaborating further.</p>.Plane crashes in Canada's Northwest Territories, fatalities confirmed.<p>"We understand that Australians are under pressure. And we're providing support through the plan that I'll take to the Party room this afternoon," focusing on middle Australians," he said.</p><p>Albanese has faced criticism over his repeated promise to retain the tax cuts, as many in the country suffer from a cost-of-living crisis where outgoings including rents and food prices have far outstripped wage growth.</p><p>But reneging on his election promise also comes with political risk, with Albanese's approval ratings close to their lowest levels since taking power in May 2022.</p><p>Albanese's Labor Party has a majority in the country's Lower House of Parliament but will need support of the minority Greens to pass any changes to the tax cuts through the upper house.</p><p>The Opposition coalition strongly supports the tax cuts, which it first proposed while in government.</p><p>The <em>Australian Financial Review</em> reported the modifications would be budget and inflation neutral.</p><p>($1 = 1.5198 Australian dollars) </p>
<p>Sydney: Australia Prime Minister Anthony Albanese said on Wednesday that he would consult lawmakers to modify proposed tax cuts for higher earners, potentially breaking an election pledge in a decision likely to face strong resistance from the opposition.</p><p>The already-legislated tax cuts were due to abolish a 37 per cent tax band for those earning AD $120,000 ($78,960) to AD $180,000, as well as applying a 30 per cent tax rate to income between AD $45,000 and AD $200,000 which currently begins at 32.5 per cent.</p><p>Local media reported the 37 per cent band would be retained under the new proposal, with the saving redirected to those on middle and low incomes.</p><p>Albanese told a news conference he would be taking a revised proposal to Labour parliamentarians later on Wednesday, without elaborating further.</p>.Plane crashes in Canada's Northwest Territories, fatalities confirmed.<p>"We understand that Australians are under pressure. And we're providing support through the plan that I'll take to the Party room this afternoon," focusing on middle Australians," he said.</p><p>Albanese has faced criticism over his repeated promise to retain the tax cuts, as many in the country suffer from a cost-of-living crisis where outgoings including rents and food prices have far outstripped wage growth.</p><p>But reneging on his election promise also comes with political risk, with Albanese's approval ratings close to their lowest levels since taking power in May 2022.</p><p>Albanese's Labor Party has a majority in the country's Lower House of Parliament but will need support of the minority Greens to pass any changes to the tax cuts through the upper house.</p><p>The Opposition coalition strongly supports the tax cuts, which it first proposed while in government.</p><p>The <em>Australian Financial Review</em> reported the modifications would be budget and inflation neutral.</p><p>($1 = 1.5198 Australian dollars) </p>