UPDATED NET BUDGET IMPACT OF ELECTION POLICIES

Federal Labor today released the updated net budget impact of Federal Labor’s election commitments. 

The Gillard Labor Government announced today that its Cleaner Car Rebate policy would be funded from $520 million in redirections from the Solar Flagships Program, the Carbon Capture and Storage Flagship Program and the Renewable Energy Bonus Scheme.   

To further contribute to the Government’s fiscal objectives, there will be modest reductions in programs in the Department of Innovation, Industry, Science and Research.  

The Collaborative Research Networks program and the Cooperative Research Centres program will be reduced by $32 million over the forward estimates. These reductions offset other investments in innovation capacity-building priorities that have already been made.  

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 and that by election day:

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

·         All our policies will be submitted for costing under the Charter of Budget Honesty. Labor will continue to update the budget impact of its election commitments to ensure that voters are fully informed when they vote on 21 August. 

The Government continues to call on Mr Abbott to fully comply with the Charter of Budget Honesty.   

The Coalition’s excuse for not having submitted one of its policies for costing is that the Pre-Election Economic and Fiscal Outlook (PEFO) has not been released.  The Secretaries of Finance and Treasury announced yesterday that the PEFO will be released on Monday 26 July 2010.   

The excuses are about to run out for Mr Abbott and it is time for him to fully comply with the Charter and immediately submit all his policies for independent costing by the Secretaries of Treasury and Finance.

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