Prime Minister Kevin Rudd recently said he would plug some of the Federal Government’s $30 billion budget hole by raising excise on tobacco.
Last night on The ABC’s 7:30 program, Opposition Leader Tony Abbott confirmed to Leigh Sales he would probably keep his opponent’s tobacco tax hike.
So, either way, bad news if you buy a lot of cigarettes.
Rudd’s changes would be phased in over several years, but would add around $5.25 to a pack of 20 cigarettes once the full increase is in place by the end of 2016.
The specifics of Abbott’s hike are not clear yet.
When Rudd said he would raise the excise at the beginning of the month, it was part of his plans to get the Federal Budget back to surplus.
According to Treasury’s economic update released this week, the budget should show a $4.2 billion surplus in 2016/17.
Last night, Abbott also confirmed he wouldn’t be telling anyone how much his policies will cost until the last week of the election campaign.
“We intend to keep putting out policies right up until the last week of the election campaign,” Abbott told Sales.
Abbott also said he would keep the Labor Party’s new bank levy.
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