CANBERRA, Australia (AP) — Weeks before he was elected to head Australia's government, Prime Minister Tony Abbott promised no new taxes. But with his first annual budget looming, Abbott won't rule out a so-called deficit reduction levy to be paid by higher income earners
Abbott has warned that his conservative government faces tough decisions to rein in mounting debt in its budget blueprint for the fiscal year starting July 1. The blueprint will be revealed to Parliament on May 13.
Abbott told Melbourne Radio 3AW on Tuesday that introducing a temporary levy in the budget might not break his election promise to introduce no new taxes.
Sydney's The Daily Telegraph newspaper reports that Australians earning more than 80,000 Australian dollars ($74,000) will pay a levy to retire debt for four years from July 1.