Treasurer Joe Hockey has all but confirmed that the Coalition will take personal income tax cuts to the next election and will seek to offset the Budget cost by cutting expenditures. From The Australian:
In a speech to be delivered today to a joint conference of the Tax Institute and Chartered Accountants in Sydney, the Treasurer will say excessive reliance on income taxes is a drag on economic growth and that he rejects the proposition that taxes should be allowed to rise to cover the cost of additional spending, as several state governments have urged.