Key speech - the main points

Parliament. File photo / Mark Mitchell

TAX REFORM
Possible reductions to the top personal tax rate.

No proposals for a land tax, comprehensive capital gains tax, or new tax on residential investment properties.

There will however, be changes to the way property is taxed, to be announced in the Budget in May.

Possible increases to GST to 15 per cent, accompanied by reductions across the board in personal taxes and increases to benefits, superannuation and Working for Families.

WORKING FOR FAMILIES
No major changes to Working for Families - however, the Government is looking at ways to make the system "fairer". It says the policy is aimed at low to middle income earners, but many on high incomes are still eligible for Working for Families payments.

SCIENCE
Changes to the way the Government invests in Crown Research Institutes (CRIs) and new measures to transfer research and knowledge from CRIs to firms.

MINING
Public consultation on potential changes to the Crown Minerals Act, which bans mining and prospecting on certain areas of Crown land - those protected for conservation reasons.

The Government will release a discussion document recommending that some areas of land be removed from the 'Schedule 4' list and others be added to it in order to stimulate growth and create jobs.

A new "action plan" to increase oil exploration and production will be launched this year.

SOCIAL WELFARE
Reforms to the benefit system, including adjustments to the criteria and testing for the sickness benefit, reapplication rules for those on the unemployment benefit and changes to the criteria for the domestic purposes benefit.

Changes to the benefit abatement regime aimed at encouraging beneficiaries to take up part-time work.