The head of the federal Treasury, Steven Kennedy, has argued that bracket creep is helping in the fight to keep inflation down.
Bracket creep has helped bring inflation down, Treasury secretary and Reserve Bank board member Steven Kennedy has argued while warning the economy is yet to return to normal, with inflation risks still on the horizon.
He said in Australia over the past three years, bracket creep had helped reduce inflationary pressures, which otherwise would have been amplified if tax thresholds had been pushed up. Kennedy said in the United States, which automatically increases income tax brackets in line with inflation, the share of income tax paid as a proportion of household income had fallen by about 2 percentage points between mid-2022 and December last year.
He said the March-quarter national accounts, to be released next week, were likely to show “subdued” economic growth, with household consumption particularly weak.
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