UPDATED NET BUDGET IMPACT OF ELECTION POLICIESPosted August 18, 2010
Federal Labor today released its latest statement of the net budget impact of its election commitments to date.
Throughout the campaign, Federal Labor has released regular updates of the net budget impact of its commitments, so the Australian people are fully informed when they come to vote on 21 August. The latest update is below.
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.
Only a re-elected Gillard Labor Government has a plan to responsibly manage the Australian economy and bring the Budget back to surplus in 2013 while continuing to invest in Australia’s future education, health and infrastructure needs.
The Gillard Labor Government has submitted all our announced election policies for independent costing under the Charter of Budget Honesty, and will continue to do so in accordance with the Charter provisions.
The net budget impact of our election commitments is updated to reflect Charter costings as they are completed by Treasury and Finance.
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.As part of this commitment, Federal Labor is today announcing further measures to reprioritise expenditure and offset the cost of its election commitments.
Global Carbon Capture and Storage Institute
The Government will reduce funding for the Global Carbon Capture and Storage Institute delivering savings of $15 million in 2011-12 and $30 million in 2012-13.
There are now 247 members of the Global Carbon Capture and Storage Institute, including national governments from around the world as well as a many global and domestic companies.
National Urban Water and Desalination Plan
The Government will reduce funding available under the National Urban Water and Desalination Plan by $50 million over the forward estimates.
Lower than expected demand for the program has allowed for this reduction, and sufficient funds remain in the program to meet all expenditure commitments.
This program is due to terminate at the end of June 2013. The Government will consider extending the program closer to its completion date, following a final evaluation of the program.
On 21 August, Australians have a clear choice between the Gillard Labor Government’s clear plan to bring the budget back to surplus in 2013, or Tony Abbott who has no plan and cannot be trusted with the budget or the economy.
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