Taken from the Treasurer's Speech to the National Party Conference. Full text in the Parliament wire

Tax Rates

Current middle rate 21 cents with the top rate coming in at $38,000. From April 1 next year, middle rate set at 20c and top rate income level upped to $40,000.

Tax scale will have three rates - 15c to $9500, 20c to $40,000 and 33c over $40,000

Changes will cost will cost around $400 million to the Government spread over 2.3 million taxpayers.

Future priority (no timescale) - Lowering the business tax rate and the top personal tax rate to 30c. Dependent on the economy improving faster than the current forecasts.

A 'Dollar For Dollar' Commitment

For every dollar in tax reductions, a National Government will provide an extra dollar of expenditure on social services.