UPDATED NET BUDGET IMPACT OF ELECTION POLICIES

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

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	-1,046
Savings to Offset Labor's New Policies	797
Impact on the Budget Bottom Line	-249

In contrast, Mr Abbott and the Coalition continue to make uncosted policy on the run. 

In the latest of a series of serious costing errors, it was revealed today that the Coalition’s original parental leave policy was not costed to allow for stay-at-home dads to receive their full replacement pay as outlined in ‘The Coalition’s Direct Action Plan on Paid Parental Leave’ released in March 2010.

Mr Abbott has still not submitted a single commitment for independent costing by the Secretaries of Treasury and Finance, missing the deadline set by Mr Hockey to submit costings following the release of the Pre-election Economic and Fiscal Outlook yesterday.

The Government continues to call on Mr Abbott to stop making excuses and commit to fully comply with the Charter of Budget Honesty.  The Liberal-National Coalition introduced the Charter in Government and should fully comply with it now.

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