Malcolm Turnbull, the leader of Australia's opposition party, the Liberals, has urged the country's Treasurer Wayne Swan to bring forward the tax cuts proposed in recent months by the Rudd government.
Turnbull made his announcement in protest to Mr Swan's argument that an International Monetary Fund (IMF) report on the country's economic situation suggests that the immediate implementation of tax cuts would be damaging to the economy.
Turnbull, however, concludes that the IMF report does not really stipulate that the introduction of tax cuts at this present time would be an unwise move on the government's behalf. Instead, he has urged the government to bring forward the tax cuts they have proposed in recent months, concentrating on the benefits they could bring to low-income families.
A statement issued by Swan this week regarding the IMF's outlook for the country explores the depth of the current recession, stating:
"Global growth is now expected to fall to 0.5% in 2009, with advanced economies expected to suffer their deepest recession since World War II. Collectively, advanced economies are expected to contract by 2% in 2009 — the first annual contraction in the post-war period."
"Against the sobering backdrop of a global recession and collapsing commodity prices, it is inevitable that Australian jobs and growth will be affected", he added.
In response to this, Mr Turnbull has suggested that the solution to such problems lies in cutting business and property taxes and increasing the potential for jobs throughout the country; a move that will not, he believes, happen if tax relief continues to be rejected by Swan.
According to Turnbull:
"Mr Swan’s colleagues think they’re an important part of the solution; Mr Emerson, Mr Crean, Mr Tanner have all talked about tax cuts as being part of the solution. The bad news is that Mr Swan, who is dead against them, is the Treasurer and he has the final say on it. So he said no to tax cuts."
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