Australians will no longer be forced to pay a proposed half a per cent medicare levy increase, the Federal Government is expected to announce today.
Initial plans to raise the levy from 2 per cent to 2.5 per cent was revealed by Federal Treasurer Scott Morrison in the 2017 budget.
The levy increase was projected to raise 8 billion dollars over four years, which would have been used to fund the National Disability Insurance Scheme.
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However, Mr Morrison confirmed on the Today Show on Thursday that the levy increase is no longer needed because the economy is stronger and the Government is collecting more in company tax receipts.
“Things are better than we thought they were,” Mr Morrison said.
The decision will reportedly save Australian taxpayers around $375 a year.
It’s a move that will save tax payer hundreds, if not thousands of dollars a year. This morning, the government announced they’re axing the planned increase to the medicare levy. #9Today pic.twitter.com/6cTdn5KRk4
— The Today Show (@TheTodayShow) April 25, 2018