ASPIRING political leader and billionaire Clive Palmer has used a press conference for his response to the Federal Budget to announce he would slash income tax for those working a second job.

Mr Palmer, flanked by billboards for his newly-renamed Palmer United Party, said the budget process in its entirety was "corrupt" and needed radical reform.

He criticised the Federal Government's top politicians, describing "the top six from Julia Gillard" as having 181 years of professional experience but only 13 of those years in the private sector.

"These are the people who have placed Australia in such a perilous debt position," Mr Palmer said.

Australia's gross net debt as a percentage of national product - according to Treasury - is significantly lower than in most developed countries.

The Federal Budget last night revealed a national deficit of $18 billion for the coming financial year, just 12 months after the government predicted this budget would deliver a modest surplus.

Mr Palmer said aside from halving income tax for earnings from a second job, he also said the Australian economy needed stimulus and to achieve a surplus.

The Palmer United Party also supported the national disability scheme and the reforms in the Gonski report, but Mr Palmer felt the government needed to stimulate the economy rather than relying on tax increases.

Mr Palmer said he would also announce plans to radically shake up the income tax rate before the election.

But ultimately, his budget reply speech was also a vow to change things.

"It's difficult to limit the debate to what the current budget is traditionally," he said.

"Our view is that the whole system in corrupt and needs changing."

Mr Palmer will be at his Palmer Coolum Resort to hold a "post budget luncheon" for guests paying $100-a-head from noon on Wednesday.

 


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