InDaily InDaily

Support independent Journalism Donate Subscribe
Support independent journalism


Labor to release election policy costings today


Labor says it will deliver bigger budget surpluses than the coalition over the next four years, while putting extra money into health and education and tucking some away for further tax cuts down the track.


Print article

Shadow treasurer Chris Bowen and finance spokesman Jim Chalmers will outline Labor’s costings on Friday, showing budget savings of $154 billion over the next decade.

“Under a Shorten Labor government you get fairer taxes, you get bigger budget surpluses and you get much more investment in schools and hospitals,” Bown told ABC Radio National on Friday.

“We’ve done that through the very comprehensive policy agenda we’re taking to the people – a very stark difference to the government who has played a small target approach.”

But Liberal campaign spokesman Simon Birmingham said 1989 was the last time Labor delivered a budget surplus.

“Many Australians today are going to hear the Labor Party claiming that Labor will deliver bigger surpluses and they will see pigs flying through the sky,” he told Nine’s Today.

The costings are expected to show a return to the black in 2019/20, as well as a surplus of one per cent of GDP by 2022/23.

Bowen said further tax relief beyond what Labor had already promised could be provided when the budget is back in healthy surplus, if the economic and fiscal circumstances allow.

“We’re not saying here’s the number of dollars that every taxpayer gets – that’s the silly game Josh Frydenberg and Scott Morrison are playing,” he said.

Five areas of tax reform – dividend imputation, negative gearing and capital gains tax, trusts, multinationals and accountant deductions and superannuation concessions – will raise $154 billion over 10 years.

The money will go towards bigger surpluses as well as a raft of election promises, including better funding for hospitals and schools, the Medicare cancer plan, cheaper child care, a pensioner dental plan, roads and rail projects and tax cuts for 10 million workers.

The figures are expected to show Australia’s overall tax take will be lower than comparable countries such as the United Kingdom, New Zealand, Germany and Canada.

Labor’s budget bottom line incorporates a technical working assumption that tax receipts do not rise above 24.3 per cent of GDP over the medium term.


Want to comment?

Send us an email, making it clear which story you’re commenting on and including your full name (required for publication) and phone number (only for verification purposes). Please put “Reader views” in the subject.

We’ll publish the best comments in a regular “Reader Views” post. Your comments can be brief, or we can accept up to 350 words, or thereabouts.

InDaily has changed the way we receive comments. Go here for an explanation.

Make a comment View comment guidelines

Local News Matters

Media diversity is under threat in Australia – nowhere more so than in South Australia. The state needs more than one voice to guide it forward and you can help with a donation of any size to InDaily. Your contribution goes directly to helping our journalists uncover the facts. Please click below to help InDaily continue to uncover the facts.

Donate today
Powered by PressPatron

More News stories

Loading next article