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Coalition: tax policies

The Leader of the Opposition, Mr Tony Abbott, has outlined his party’s policy priorities including tax. Mr Abbott has not introduced any new taxes or changes to superannuation, but has indicated that it will abolish both the carbon tax and the mining tax.

Personal income tax cuts

The Coalition says it will fund personal income tax cuts for individuals and families, without a carbon tax.

Cutting company tax

A modest cut in company tax is promised, funded from savings in the Budget.

Scrapping the carbon tax

The Coalition says it will immediately introduce legislation to scrap the carbon tax and start reducing cost of living pressures for Australians caused by rising electricity and gas prices.

By repealing the carbon tax, the Coalition says it will secure a bigger economy — an extra $1 trillion of lost output cumulatively by 2050 on Labor’s own figures, or the equivalent of shutting down the whole Australian economy for almost a year. It says this will secure more Australian jobs, boost Australia’s exports and make Australia’s businesses more competitive and productive.

The Coalition says it will take direct action to reduce carbon emissions, delivering on its commitment to a five per cent reduction in carbon emissions by 2020.

Action to abolish the carbon tax will be immediate, according to the Coalition. “On day one of a new government — we will instruct the Department of Prime Minister and Cabinet to draft legislation to repeal the carbon tax”, says the policy document. Legislation to repeal the carbon tax will be the first piece of legislation the Coalition will introduce.

Abolishing the mining tax

The Coalition says it will also abolish the mining tax and “restore Australia’s international reputation as a safe and reliable place to invest, making Australia more competitive in the global economy”. The Coalition says that by abolishing the mining tax, it will re-energise the entire industry and that this will lead to increased mining investment and an eventual boost in Australia’s exports, strengthening the economy and creating more Australian jobs over the medium-longer term.

Stability and certainty on superannuation

The Coalition says it will deliver greater stability and certainty on superannuation by ensuring that “no more negative unexpected changes occur to the superannuation system so that those planning for their retirement can face the future with a higher degree of predictability”.

Cutting back on contribution levels and discouraging people from providing more for their own self-funded retirement are two of the negative changes the Coalition says Labor are responsible for.

Source: “Our Plan — Real Solutions for all Australians”, Liberal Party website, 27 January 2013.

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