Prime Minister John Howard has announced a policy to provide tax breaks for mature age workers.
Howard said a re-elected coalition government would introduced a Mature Age Worker Tax Offset. The offset will be available to people over the age of 55 and will provide a maximum annual rebate of $500 on their earned income.
The offset would take effect from the start of the current 2004-05 financial year.
Howard said 750,000 mature age Australian workers would benefit from the initiative, at a cost of $1.039 billion.