Election 2016: Labor announces family tax benefit cuts for high income earners.

The Federal Opposition has announced it will cut family tax benefits for high income earning families, as part of further savings to fund its pre-election promises.

Labor will halve the Family Tax Benefit Part A supplement for families earning $100,000 a year or more, in a bid to save $500 million over the next four years.

“It is most important that over the next four and 10 years we start the action to fundamentally reduce the level of government debt in this country,” Opposition Leader Bill Shorten said.

“We will need to make difficult decisions as this election unfolds.”

The ALP has also announced it will not oppose the Federal Government’s decision to reduce the research and development incentives, or its changes to HECS repayments.

Such measures have been blocked in the Senate.

Labor said scrapping the research and development incentive would save $860 million over the next four years.

This post originally appeared on ABC News.

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