from the 1st of July every taxpayer was gifted a reduction in how much tax is paid.
it might be a small amount to you or me but aggregate revenue falls enormously. this is why the govt, regardless of Lib or Lab, has now to borrow so heavily. the Stage 1 and 2 tax cuts didn't knock revenue too much. but the S3TCs cost in the order of $9Bn this FY. (figure from my scone. happy to be corrected).
moreover during the LibNat years spending was clearly out of control due to application of ideological thought bubbles that resulted in a mess of spending way out of line with what was needed.
and the S3TC is why the budget predicted deficits from this FY on.....
