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Thursday, 9 December 1976
Page: 3703

Mr Stewart asked the Treasurer, upon notice:

When does he intend to keep the promise made by the Prime Minister in the policy speech of the Liberal Party for the 1975 election that the 'tax np-off would be stopped.

Mr Lynch - The answer to the honourable member's question is as follows:

In bis policy speech for the 1975 election the Prime Minister stated that 'We will put an end to Labor's tax rip-off. We will make a start towards this in next year's Budget. We will fully index personal income tax for inflation over three years.'

The honourable member will be aware that the Government has done much to honour that commitment in its first year in office. The 1976-77 Budget provided for the full and automatic indexation of personal income tax with effect from 1 July 1976 at a cost to revenue currently estimated at $990 million for this financial year.

The full indexation of personal income tax represents one ofthe most significant and far reaching reforms ever made to the taxation system. It is part ofthe present Government's on-going commitment to reform the general taxation system and stands in contrast to the savage increases in most forms of taxation that took place under the former Government

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