The opposition criticized the Federal Government "flimsy response" for a reform on the tax system.

The Resource Super Profits Tax (RSPT), will garner an $85 billion to the nation's pool of superannuation savings for the next ten years.

The changes for the superannuation include an increase of super savings for low income earners and the rise for the superannuation guarantee to 12 per cent by 2024.

The companies will be taxed 28 per cent lower than its original 30 per cent by 2015-2015 while small businesses will have a tax cut starting 2012-13.

Opposition Leader Tony Abbot told media reporters yesterday that the government failed to address most of the 138 recommendations of the Henry review.

"There's more talk than action," Mr. Abbot said, claiming that Prime Minister Kevin Rudd only accepted two and a half of the recommendations.

"Typically, the action involved is a tax grab, not tax reform. He's put higher taxes on easy targets but put off the hard decisions on cutting out-of-control government spending."

Abbot suggested that the government could have taken more recommendations from the Henry review.

Part of the State Government's reply to the Henry review include lowering personal income tax rates for working families, welfare traps and high effective marginal tax rates, getting rid of the inefficient tax rates, simplifying the tax return systems, and house affordability.