Opposition says Australian to face high taxes and interest rates

Newly elected opposition leader Malcolm Turnbull is seen speaking during a news conference in Jakarta in this April 9, 2007 file photo.(Xinhua/Reuters Photo)
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CANBERRA, May 10 (Xinhua) -- Australians could face higher taxes and higher interest rates for a decade or more to pay for the federal government's 100 billion Australian dollars (73 billion U.S. dollars) spending in the past year, the federal opposition said on Sunday.

"I understand why they have some deficit and some
debt, but the problem is they have nearly committed up to 100 billion Aust
dollars (73 billion U.S. dollars) in new initiatives since the last budget,"
Opposition Leader Malcolm Turnbull told ABC Television.

Treasurer Wayne Swan will hand down the 2009/10
budget on Tuesday, which has been expected to show the deficit growing by up to
70 billion Aust dollars (51.1 billion U.S. dollars) and tax revenue down by 200
billion Aust dollars (144 billion U.S. dollars) over the next four years because
of the global financial crisis.

Turnbull will deliver the coalition's response to the
budget on Thursday.

"We will be responsible, we will not be reckless,
will be fair dinkum with the Australian people about what can be afforded, we
will give detailed policies with full costings prior to the next election,"
Turnbull said.

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