Consumers Tipped to Stash Tax-Cut Savings for Rainy Day

Rather than spend what they save from upcoming tax cuts, most Australians plan to bank it or pay down debt. Billed as the primary cost-of-living relief measure of the budget, the government’s stage-three package will be predominantly stashed rather than frittered away, according to a survey by National Australia Bank (NAB). One in three Australians plan to save the windfall when the cuts, originally legislated a few years ago but reworked by the Albanese government earlier this year, kick in on July 1, the research shows. Another 22 percent of the 2000 people questioned said they would use it to pay down debt and 29 percent said they hoped to put it towards essentials to offset the high cost of living. ...