Australian Prime Minister John Howard has hinted that further tax cuts may be on the cards next year, with the government continuing to run a budget surplus.
As the budget surplus is reportedly running well ahead of forecasts, Mr Howard told ABC News that the government will be prepared to cut taxes as long as its core expenditure requirements are met. If so, it will be the fourth consecutive year that it has reduced taxation.
"Our position is very clear, and that is that we want to balance our Budget, having made proper provision for the essentials like health and education and transport, and very particularly defence. If there's any left over, then we would want to reduce the tax burden." Mr Howard stated.
Access Economics has estimated that the Australian government's budget surplus will reach A$11.7 billion (US$8.8 billion), with high commodity prices helping company taxes and personal tax each raise $1.4 billion more than expected in 2005-06.
The Australian Bureau of Statistics (ABS) reported on Monday that company profits before tax were up 14.8 per cent over the year to September 30.
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