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SYDNEY (Reuters) -Australia Prime Minister Anthony Albanese said on Wednesday he would consult lawmakers to modify proposed tax cuts for higher earners, potentially breaking an election pledge in a decision some economists worry could stoke inflation. The already-legislated tax cuts were due to abolish a 37% tax band for those earning A$120,000 ($78,960) to A$180,000 a year, as well as applying a 30% tax rate to income between A$45,000 and A$200,000 that currently begins at 32.5%. Albanese told a news conference he would be taking a revised proposal to the ruling centre-left Labor Party's parliamentarians later on Wednesday, without elaborating further.
SYDNEY, Jan 24 Australia Prime Minister Anthony Albanese said today he would consult lawmakers to modify proposed tax cuts for higher earners, potentially breaking an election.
Indo-Pacific commitments aside, Australia is seeking to avoid yet another open-ended military commitment in the Middle East. Above all, Canberra is mindful that such a move could further alienate voters amid low public trust in government, declining social cohesion and increasing polarisation.