Bill Shorten’s embarrassing backdown in business tax cuts

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AFTER just four days, Bill Shorten has been forced into an embarrassing back down over planned tax cuts.

LABOR leader Bill Shorten today junked a four-day old pledge to repeal tax cuts for medium-sized businesses in an embarrassing policy retreat.

The degree of embarrassment was underlined by the need for his senior colleagues to defend Mr Shorten after his unilateral declaration of the repeal earlier this week.“I can assure you that Bill Shorten has my full support and will continue to do so,” said shadow treasurer Chris Bowen, who with opposition finance spokesman Jim Chalmers stood with Mr Shorten at a press conference.

Last Tuesday the Opposition Leader old reporters a Labor Government would roll back legislated tax cuts for businesses with turnovers from $10 million to $50 million a year.

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