Australian Treasurer Peter Costello has hinted that the Liberal-National coalition government will deliver further tax cuts in May’s budget for 2004/2005.
Speaking on national television last week, Costello indicated that anything left in the government’s kitty after all necessary expenditures have been met may be returned to the taxpayer in the form of a tax cut.
"After we've paid the due welfare, and education, and health spending which we think Australians want and demand, we believe that taxpayers should get a return," he commented, adding:
"That's what we did last budget. If we could do it again we would like to do it in this particular budget."
With a general election looming, the present government has allowed itself considerable room for manoeuvre on the fiscal front after recently raising its forecast for the underlying budget surplus A$2.2 billion to A$4.6 billion for the year ending June 30 2004.
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