Australian Prime Minister John Howard has pledged that the ruling Nation Liberal coalition government will not raise taxes in the May budget.
Speaking before parliament last week, Howard told members that he has “no intention of introducing new taxes or introducing increases in existing rates.”
Howard’s words come as the tax debate between the main opposition Labor Party and the government hots up, with both sides keeping one eye on the general election, expected towards the end of the year. Labor leader Mark Latham recently commented that his party would seek to cut rates of personal income tax.
According to the government’s estimate, the underlying budget surplus for the fiscal year ending on June 30 will be A$4.6 billion, decreasing to A$3.8 billion in 2004/2005. In recent weeks, Australian Treasurer Peter Costello has indicated that the government would be prepared to use this surplus to cut tax once its spending commitments are met.
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