Taxation revenue under Labor is set to be at an all time high (even excluding mining super tax). We should then be basking in the happy knowledge that we are set to reduce the $100bn debt racked up since Rudd took office. Unfortunately, the increase in revenue has been outstripped by the increase in spending.

The expenditure required of the federal government for the repair of flood damage could be as high as $5bn over the next few years. (roughly 1% of tax revenue)

Rather than make serious expenditure cuts that might deprive allies of patronage, they are going to save by cutting expenditure on some of its hare brained policies that were essentially dead in the water already such as the cash for clunkers. The rest will be made up with a "Mateship" tax for the majority of the amount.

So wedded is federal Labor to its expenditure programs and promise to balance the budget, that the only solution is to increase taxes. Perhaps it should be renamed "The budget shortfall supplemental tax"

You would love to see labour go into debt over the floods.
Labor is committed to a surplus in a year or two.
All you want them to do is break a promise..

SHADOW.. you are not correct.

Under labor its "BIG" TAXES and "BIG" debt.

Now.. you are sorted :)

totally chuffed!
Grin on my face 3 feet wide Shadow minister and Boazy, together.
Pay the tax ask if it was you two gentlemen would you oppose it,be honest now?

The only thing wrong with the levy is it should be ten times higher and only applied to those earning more than 200k a year.

SM & AGIR political to the core. Reality don't come into it. Overstepped the line. Human suffering is cheap.