Election battlelines drawn, as parties present rival tax plans

Canberra: Both major political parties have laid out their pre-election budget plans, showing tax cuts are on the horizon no matter who wins government. Opposition Leader Bill Shorten delivered Labor’s economic blueprint should it win the next election, promising to almost double the Coalition’s tax break for low and middleincome earners.

While tax cuts are at the centre of each parties’ economic vision, the proposals offer different benefits for different income earners over time. Labor estimates its “Working Australians Tax Refund” would cost $5.8 billion over the next four years, while the Coalition’s package is set to cost $140 billion over the next decade.