Australian PM confirms his promise on tax cuts

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CANBERRA, May 8 (Xinhua) -- Australian Prime Minister Kevin Rudd on Friday reaffirmed his commitment to the tax cuts for the coming financial year.

"We have indicated quite some time ago that we believe that it is important to proceed with legislated tax cuts because it is necessary in order to provide families with support through difficult times," Rudd told Fairfax Radio Network.

Last week, Rudd had said that the government will not abandon its planned tax cuts, despite a looming budget deficit of up to 70 billion Australian dollars (52.7 billion U.S. dollars).

The government had promised to cut the tax rate for individuals earning between 80,000 Aust dollars (60,220 U.S. dollars) and 180,000 Aust dollars (135,500 U.S. dollars) from 40 percent to 38 percent from 30 June.