Australia Treasurer Morrison: don't expect massive tax cuts on new budget

Australian Treasurer Scott Morrison cautioned against taxpayers expecting a massive tax cut.

Key highlights

Australian government releases new budget on Tuesday.

Morrison pledges to return Australia to surplus as soon as possible.

Improvement in government accounts has led to speculation of massive tax breaks.

The Australian government has already promised a 5% reduction in corporate taxes.

Morrison: "I'm not going to pretend that these are going to be man met tax cuts, they'll be what's affordable, they'll be what's real and they will be in what the budget can afford.""I'm not going to pretend that these are going to be man met tax cuts, they'll be what's affordable, they'll be what's real and they will be in what the budget can afford."