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Mr Abbott, where's the money coming from?



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SENATOR THE HON PENNY WONG

MINISTER FOR FINANCE AND DEREGULATION

MEDIA RELEASE

Parliament House, Canberra ACT 2600 Australia  Tel: (02) 6277 7400 Fax: (02) 6273 4110

PW 122/11 25 June 2011

MR ABBOTT, WHERE’S THE MONEY COMING FROM?

This weekend Tony Abbott has one simple question to answer - where's the money coming from?

We see reports in the paper this morning that Mr Abbott has reheated his election promises on personal income taxes - but he hasn't said how he will fund this thought-bubble.

If he doesn’t set out how he will fund these changes, then Australians will know that these tax changes are not real. They are just a headline.

They are not real unless they are funded.

Mr Abbott has to live up to the standard set by his own front bench.

This week the Coalition revealed its new policy stating that if they are going ‘to impose more costs on the budget [they] will also identify where the savings are going to be made up’.

Inside 100 hours this commitment has already been abandoned by a leader who will say anything to get a headline.

You only have to look to his grandstanding about how he was 'instinctively opposed' to the changes to family tax benefits in this year’s Budget, only to turn around this week and support these responsible savings measures in the Parliament.

Mr Abbott says one thing, and then does another. As Mr Abbot himself admitted on the 7.30 Report last year, you can’t believe anything that comes out of his mouth.

In contrast, the Gillard Government has a responsible plan which will see our biggest polluters pay so we can protect our environment and our economy from the dangers of climate change.

We'll then use that money to deliver tax cuts and increases to pensions, allowances and family payments.

Mr Abbott has no plan which will enable him to deliver tax cuts, and indeed cannot demonstrate how he would return the budget to surplus.

He still hasn’t explained the $10.6 billion funding black hole from his election costings.

On top of that Mr Abbott's so-called direct action policy will slug Australian families $720 a year, a hit to the hip pocket that he conveniently likes to forget.

The Gillard Government looks forward to Mr Abbott outlining how he will fund these tax cuts.

Media contact: Laura Anderson 0411 143 111