“Reports today indicate the government of ‘no surprises, no excuses’ is proposing a ‘debt tax’ – an increase in income tax,” said Mr Bowen.
“This won’t be a debt tax, it’s a deceit tax,” he said.
The Shadow Treasurer labelled the expected increase in income tax as both "contemptuous" and "opportunistic".
“If the government includes any measures in the upcoming Budget that break pre-election commitments, well, they are broken election commitments, pure and simple.
“The Abbott government seems hell bent on scaring pensioners and low- and middle-income earners by cutting payments, increasing taxes and charging more for basic services – all in breach of clear election commitments,” he said.
The Prime Minister has promised the upcoming budget will "deal with Labor’s legacy of debt and deficit” but has not yet outlined exactly how this will be done.
“Under the previous government, Australia ran up the five largest deficits in our history. They also left a projected $123 billion in future deficits and $667 billion in accumulated debt,” he said.
“Already, the interest bill on Labor’s debt is more than $10 billion each and every year. That’s dead money. Wasted money. It’s money that could be better used on services and helping families and pensioners to get ahead,” Mr Abbott added.