Australia “Cash Back” Government Scheme Fails to Inspire Consumer Confidence

by Mike ‘Mish’ Shedlock
Mish Talk

Australia gave “cash back” in July to those making up to $126,000. The move failed to inspire consumer confidence.

Tax Refund Scheme

In July, the government of Australia concocted a $1080 Tax Refund Scheme.

  • The maximum offset of $1080 will be available to taxpayers with taxable incomes of between $48,000 and $90,000. The offset is calculated on each person’s individual income not household income.
  • Those who earned less than $37,000 will get $255 back. This gradually increases to $1080 for those earning $48,000.
  • Anyone earning between $90,000 and $126,000 will get lower amounts. Those earning over $126,000 won’t receive any refund.

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