FISCAL IMPACT OF ELECTION COMMITMENTS

Today the Deputy Prime Minister and Treasurer, Wayne Swan, together with the Minister for Finance and Deregulation, Lindsay Tanner, and the Minister for Financial Services, Superannuation and Corporate Law and Campaign Spokesperson, Chris Bowen, released the net budget impact of Federal Labor’s election commitments to date.   

This information will be updated regularly throughout the campaign, to ensure that voters are fully informed on the net budget impact of election policies when they vote on 21 August 2010.

The Gillard Labor Government’s responsible economic management will ensure the budget is back in the black with a surplus in 2013, three years ahead of schedule. 

This means Australia’s budget will return to surplus ahead of any major advanced economy.  

The Gillard Labor Government has already committed to maintaining its strong fiscal rules throughout the Campaign. 

By election day:

•               All commitments will have been fully offset over the forward estimates – meaning not a single cent is added to the overall budget bottom line.

•               All policies will have been submitted to the Secretaries of Treasury and Finance for independent costing under the Charter of Budget Honesty.

 The Gillard Labor Government will not be engaging in the irresponsible and reckless election spend-a-thons of the former Coalition Government.   All commitments we make will be fully costed and funded.  

Mr Abbott still needs to fully detail his fiscal strategy and commit to fully comply with the Charter of Budget Honesty and submit all his policies – including claimed savings – for independent costing by the Secretaries of Finance and Treasury.   

The Liberal Party introduced the Charter of Budget Honesty requirements when in Government and as such, should fully comply with them in Opposition.

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