There’s no getting around it, it’s wealthy, older men who will benefit most from the stage three tax cuts.
Costings from the Parliamentary Budget Office show that by 2032-33, men will get $160 billion from the cuts, while women will get $82.9 billion.
Largely, this is because the people who are going to benefit most from the tax cuts are high income earners, and men are much more likely to earn higher incomes in Australia. Australia still has a significant gender pay gap. The Workplace Gender Equality Agency recently released its update to the average total remuneration pay gap between men and women, with it sitting at 21.7 per cent in 2023.
A report, published in February last year by the Australia Institute shows that men are set to benefit twice as much as women from the stage 3 tax cuts.
While women get 33 per cent of the tax cut, men get 67 per cent of the tax cut. This means that for every $1 of the tax cut that women get men get $2.