Shadow treasurer Joe Hockey will tell Australia the budget will be $6 billion better off under The Opposition when he reveals the party’s full costings today.
According to Fairfax, Hockey will argue the $6 billion comes from savings but won’t reveal a specific timeline for when the budget will be back in surplus.
Labor claims it can have Australia’s budget back in the black with a $4.2 billion surplus in 2016-17.
The Australian says Hockey will set out $40 billion in cuts far less than the $70 billion estimated by Labor.
One of the Labor Party’s core election messages has been that the Opposition will slash spending, potentially sending the economy into a recession.
By announcing its costings today, the Opposition gives voters two days to digest its figures before the election on Saturday.
Instead of being an alternative budget, Fairfax reports, Hockey will set out the final aggregate cost of his party’s election promises.
Many of these, along with the savings, rely on the carbon and mining tax being scrapped — which means they need to go through the Senate.
Labor has said it will not bow to the LNP’s plans for direct action on climate change, as the Opposition Leader Tony Abbott described the election as a “referendum on the carbon tax.”
There has also been speculation Abbott would call a double dissolution election if a Labor opposition won’t let him do what he wants.
Prime Minister Kevin Rudd has said a floating carbon price is part of his party’s key values, and it would not bend on the issue.
We will have more after the announcement today.
Read more here.
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