Australians bank shares are expected to outperform market expectations now that the $2.2 billion tax settlement has been finalised, Craigs Investment Partners broker Chris Timms says.
Finance Minister Bill English has been quick to blame the previous Labour government for the fact he needs to borrow an average of $250 million a week. Labour, for its part, blames National's tax cuts for the need to borrow so much.
The Government has no plans to change superannuation entitlements or raise the age of eligibility in the face of a Treasury report's dire warnings of the burden of an ageing population.
The Government will not introduce a flat tax system despite Treasury advice in support of one, Prime Minister John Key says.
Businesses are being asked for their views on proposed changes to binding ruling tax law.
Tax cuts that take effect today will deliver a billion dollar a year boost to the economy while changes to the business tax regime will help companies get through the recession, Finance Minister Bill English said.
Taxpayers will get an indication in the May 28 budget on whether the scheduled 2010 and 2011 tax cuts will go ahead, Finance Minister Bill English said today.
Workers on the average wage will have an extra $15.66 in their pocket each week from Wednesday, when a raft of changes including tax cuts, increases to benefits and superannuation, and a boost to the minimum wage take effect.
The Labour Party has challenged Prime Minister John Key to say whether he thinks only high income earners should donate their April 1 tax cuts to charity because they are the ones who gain the most.
Labour leader Phil Goff has offered his party's support to the Government should it change its stance on tax cuts.
