Sydney: Australian Prime Minister Julia Gillard has proposed a one-year tax to help fund the reconstruction of flood affected infrastructures and areas in Australia will cost US $5.58 billion.
“The great floods of this summer have destroyed billions of dollars of wealth and robbed us of billions of dollars of income. In time they may prove to be the most expensive disaster in Australian history,” the prime minister said.
The prime minister said that the money would come from $2.8 billion in spending cuts, $1 billion in delayed infrastructure projects and $1.8 billion raised through a progressive, one-year income tax on people earning more than $50,000.
She said that the proposed tax would be applied only in the 2011-12 fiscal year while the flood victims would not pay the levy
The worst flood in the Australia’s history has affected more than three million people.
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