Australian govt says it won't break promise to slash income taxes

The newly-elected Australian government said on Tuesday that its promise to slash income taxes might be delivered late but won't be broken as the government hopes to stimulate consumer spending and revive a flagging economy. Treasurer Josh Frydenberg said Tuesday passing the legislation that would reduce the annual tax bill of 10 million Australians by 1,080 Australian dollars (USD 740) is the government's first priority when Parliament resumes once the vote counting from Saturday's election is finished.

Prime Minister Scott Morrison chose the latest possible date to call an election that delivered his conservative coalition a surprise victory. But the timing means he probably won't be able to recall Parliament to pass the tax cuts before July 1 — when Morrison promised during the election campaign that the lower tax rate would take effect.