UPDATED NET BUDGET IMPACT OF ELECTION POLICIES

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

The Pre-Election Economic and Fiscal Outlook (PEFO) was released today by the Secretaries of the Federal Treasury and Department of Finance and Deregulation.

The PEFO confirms that, due to the Gillard Labor Government’s responsible economic management, the budget will be back in the black with a surplus in 2013, three years ahead of schedule.

Federal Labor also announced today it would invest in a comprehensive package to deliver more and better qualified emergency doctors, nurses and support staff.  As the PEFO shows, this $96 million of new investment in our health system was previously provisioned for in the budget and included as a decision taken but not yet announced in the 2010 Economic Statement.

Labor will continue to update the net budget impact of its election commitments to ensure that voters are fully informed when they vote on 21 August. 

The Prime Minister has committed 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 Election Commitments	$m
Labor's New Policies	-769
Savings to Offset Labor's New Policies	797
Impact on the Budget Bottom Line	28

The Government continues to call on Mr Abbott to commit to fully comply with the Charter of Budget Honesty.  With the release of the PEFO, Mr Abbott and Mr Hockey now have no excuses left and should immediately submit all their policies for independent costing by the Secretaries of Treasury and Finance.

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