TREASURER Peter Costello has challenged Labor to reveal its tax strategy after his release of the Coalition's $34 billion tax cut plan.
Mr Costello and John Howard seized the Election '07 campaign yesterday by offering the biggest tax cuts in Australian history.
All workers would benefit under the three-year plan.
The biggest winners would be working mothers.
Today, Mr Costello kept up the presssure, challenging Labor to release its response today.
"I want to hear Labor say something about tax," Mr Costello told ABC Radio.
"The biggest, boldest tax plan that we've seen in a long time is presented yesterday, it deals with participation, competitiveness, building capacity in the Australian economy, and what does Kevin Rudd say? Nothing. "
"He better have an answer today."
Mr Costello said if Labor was interested in good tax policy it would support the government's proposal.
"I hope his (Kevin Rudd's) answer is, 'me too', because that's what he normally does, he normally 'me toos' on economic policy.
"I hope his answer today is 'Me too' - but the longer he takes it to 'Me too' the more people are going to wonder whether Mr Rudd really is an economic conservative."
Mr Costello said the delay showed Labor had no tax plan.
"The longer it goes on, the more they try and hide on this issue, the more you begin to wonder about them," he said.
"They have no tax plan, that's obvious."
But Opposition treasury spokesman Wayne Swan said Labor would not be bullied into releasing its tax policy prematurely.
"We need to look at the package in total.
"We are not going to be rushed by the government or be bullied or pushed around," Mr Swan told ABC Radio.
"This is a very important election campaign.
"There is a lot at stake here so it is very important for us to take our time."
Workers on an average $50,000 a year were promised a weekly tax cut of $19 from July 1 rising to $34 over three years. A worker earning $100,000 would gain $21 a week, rising to $41 in three years.
"The reason we are doing this is to encourage more people to join the workforce and to boost the capacity of the Australian economy. This is part of our `go for growth' strategy," Mr Costello said.
The Liberal leaders' tax announcement threw a bombshell into the first full day of the six-week campaign for the November 24 election.
Voter reaction was immediately positive, with a news.com.au website poll of 7560 people showing 66 per cent in favour of the cuts.
The Labor Party was caught by surprise. ALP strategists were stunned the Government had decided to announce a tax package so early in the campaign.
Labor leader Kevin Rudd said he needed to study the detail before he would respond fully.
WorkChoices also flared briefly as an election issue.
Mr Rudd warned that Government ministers, including Mr Costello, wanted another round of workplace law changes in a secret plan to cut workers' conditions.
An angry Mr Howard ruled out any changes, and accused Labor of spreading fear.
Opposition Leader Kevin Rudd has maintained Labor's tax policy will be released later in the election campaign.
With the election campaign just beginning, Australian Prime Minister John Howard has promised AU$34 billion in personal income tax cuts over the next three years.  That is on top of $31.5 billion announced in May, and $36.7 billion announced in 2006.

The new tax cuts are based on new projections for growth in the Australian economy.  The Treasury estimates that the economy will expand by 4.25% in the 12 months to June 2008, up from growth of 3.75% predicted in May.

The Government has challenged the Labor opposition to announce their tax policy immediately. 

"The biggest, boldest tax plan that we've seen in a long time is presented yesterday, it deals with participation, competitiveness, building capacity in the Australian economy, and what does Kevin Rudd say? Nothing," treasurer Peter Costello said. "He better have an answer today."

Costello described the government tax policy as "very responsible" and said Rudd was a "Nothing Man" because he has not revealed Labor's tax policy.

The Shadow Treasurer, Wayne Swan, replied "The only responsible course of action here is to study the detail. We've said we'll put out all our policies well before the election and we'll do that".

"But in terms of what the Government's put forward, we will take our time to study the detail. That's the only responsible and reasonable thing to do."

Economists from Access Economics, the ANZ Bank, HSBC and Macquarie Bank noted that the tax cuts will boost demand at a time when the Reserve Bank is trying to slow the economy.  The Reserve Bank has been raising interest rates to keep the inflation rate within its target range.  Households with substantial mortgages could end up worse off.

Rudd has said the Opposition will reveal its tax policy in its own time - mimicking John Howard's approach when he was Opposition Leader in 1996.