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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Top Comments
I'm unsure of how this is a new saving measure?Family Benefits part A were already reduced at the beginning of this tax year for families earning over $100,000. The payments for that category don't really exist to halve.
Cuts are tough, but it's either proper consultation and explanation of spending cuts before an election or the alternative of slash and burn like Abbott after the election without notice.
Or we could have a GST hike to 15% like Turnbull wanted, but it's up to the voters.
Brett mate, you're a Labor mouthpiece. By all means talk about rising people's taxes or borrowing like it never has to be paid back, but the last time Labor delivered a surplus was around the bicentennial. You're party has never the desire nor ability to consistently balance the books as we can observe over the last 30 years.
Even now in opposition, not only does Labor oppose the proposed coalition cuts, they even voted against legislating the cuts they themselves announced when in government.
The Libs record is patchy, but Labor is just a sea of red.
Personal criticisms aside, did you even read my comment? I said spending cuts are necessary, and explaining each cut prior to the election is the proper process.
The Opposition rejected Abbott's spending cuts.
The Cross Bench rejected Abbott's spending cuts.
The public rejected Abbott's spending cuts.
Hell, even some Government MP's rejected Abbott's spending cuts.
Abbott didn't explain any of his massive spending cuts prior to the 2014 Budget, and he lost his job for it. And, I've criticised Labor policy before and will continue to do so, but the Liberal Party are the ones in government.
The Liberal Party have:
1) Failed to deliver a surplus as promised.
2) They have tripled the debt and deficit.
3) Spending is higher than it was during the GFC.
4) Broken promises.
5) Knifed a sitting PM.
I'm holding them to the standards they held Labor.
I do not believe Turnbull's mantra of 'Jobs and Growth' will miraculously solve Australia's economic problems, but if you do, please explain their economic policies to me?