Tax cuts possible before end of decade: PM

PM Tony Abbott views the May 13 budget as the first instalment of a long-term restructure plan. Source: AAP

PRIME Minister Tony Abbott has held out the prospect of personal tax cuts before the end of the decade.

But he concedes there won't be many people without a grumble when the government hands down its first budget on May 13.

In a speech to the Sydney Institute on Monday, Mr Abbott said the only fair way to repay Labor's spending binge was by involving everyone, including high income earners such as members of parliament.

"The budget pain will be temporary but the economic improvement will be permanent," he said.

However, the upcoming budget will not change everything "with one stroke", rather it will be the first instalment in a long-term restructure plan.

Neither will it offer a "spurious guarantee" of a surplus by a particular date but it will put the budget on track for a strong surplus within a decade.

"The changes in this budget will make personal tax cuts much more likely in four or five years' time," he said.

He will be keeping to an election commitment that there will be no changes to the pension during this term of parliament but said there should be changes to the indexation arrangements and eligibility thresholds in three years' time.

Mr Abbott said indexation arrangements and eligibility thresholds for other social security benefits should be adjusted now so that the social safety net is more sustainable for the long term.

He said Labor didn't just "booby-trap" the budget by making vast open-ended commitments on schools and hospitals to take effect beyond the four-year forward estimates period.

"They created a Ponzi scheme of unsustainable spending because they thought new taxes, more spending and bigger bureaucracies were the answer to every problem."

Anda sedang membaca artikel tentang

Tax cuts possible before end of decade: PM

Dengan url

https://petualanganseo.blogspot.com/2014/04/tax-cuts-possible-before-end-of-decade.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Tax cuts possible before end of decade: PM

namun jangan lupa untuk meletakkan link

Tax cuts possible before end of decade: PM

sebagai sumbernya