Prime Minister Malcolm Turnbull says there may be scope for personal income tax cuts in the "next few years".
Labor says any lowering of tax rates would need to wait until the federal budget returned to surplus.
"If we are able to lower tax over the next few years, personal income tax, we would do so - but clearly our primary obligation in this area is to make sure that we don't throw a mountain of debt onto the shoulders of our children and grandchildren and that is why we have to bring the budget back into balance," Mr Turnbull told reporters in Brisbane on Thursday.
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