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New budget had potential to return surplus if not for Liberal tax cuts

The Australian Institute has estimated the budget would be A$38 billion healthier if not for Howard-Costello government tax cuts.

Additional tax cuts were put forward in the lead up to the 2007 election, which were passed by the Rudd-Swan government.

The report says that the top 10% of income earners are now better off by A$16 billion.

Read more at The Australian Institute