Angus Taylor vows to index tax brackets to inflation in $22.5bn budget reply measure

Opposition leader Angus Taylor unveiled a plan to bank 80% of budget windfalls from resources prices into a new ‘Future Generations Fund’, used to pay down debt and invest in infrastructure. Photograph: Mick Tsikas/AAP

Angus Taylor will impose a fiscal straitjacket on a future Coalition government, promising to tackle bracket creep and invest the majority of all commodity windfalls into a new fund for future generations to pay down debt.

Taylor used his first budget reply speech as opposition leader on Thursday night to announce plans to index Australia’s tax brackets to inflation from 2028-29, expected to cost $22.5bn.