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The new surplus target is AU$2 billion less than the government had forecast in May 2011 due to the country's deteriorating finances. The health-insurance rebate cut is the latest of several tax increases. In July 2011, the government introduced a temporary tax to help pay the multibillion-dollar damage bill left by record floods and storms. The levy
-- 0.5 percent on incomes between AU$50,000 and AU$100,000, and a 1 percent on taxable incomes above that
-- was expected to raise AU$1.8 billion. From July 2012, the government will place a new 30 percent tax on big mining companies whose profits have boomed largely due to Chinese demand for iron ore and coal. The tax is expected to raise almost AU$9 billion in three years. Revenue raised from a carbon tax, which will also be imposed on Australia's largest greenhouse gas-polluting companies beginning in July, will be paid back to low-income earners as compensation for higher prices, and spent on industry assistance to help businesses adapt to a lower-carbon economy.
[Associated
Press;
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