CANBERRA, Dec. 18 (Xinhua) -- Australian Prime Minister Scott Morrison is preparing to unveil 9.2 billion Australian dollars (6.6 billion U.S. dollars) in tax cuts in the lead-up to the 2019 general election.
According to election spending accounted for in the Mid-Year Economic and Fiscal Outlook (MYEFO), released by the Treasury on Monday, the governing Liberal National Party coalition (LNP) would use the tax cuts and 1.4 billion Australian dollars (1 billion U.S. dollars) in targeted spending in marginal seats as key pillars for its election campaign.
Recent opinion polls have suggested that the LNP is facing a landslide defeat at the hands of the opposition Australian Labor Party (ALP), which plans to increase tax revenue by 88 billion Australian dollars (63 billion U.S. dollars) over a decade if elected.
According to the MYEFO, Morrison and Treasurer Josh Frydenberg are on track to deliver Australia's first surplus in a decade when they deliver the federal budget for 2019-20 in April 2019.
The strong outlook has given the government greater freedom to take big-spending policies to the election.
"We're committed to lower taxes; we're committed to targeted spending and providing the services the public need," Frydenberg told News Corp Australia on Tuesday.
Frydenberg announced on Monday that Australia was on track for a 4.1-billion-Australian dollar (2.94 billion U.S. dollars) budget surplus in 2019-20 compared to a forecast 2018-19 deficit of 5.2 billion Australian dollars (3.73 billion U.S. dollars).
