Labor announces $1 billion in responsible budget savings

Labor tonight announces a further $1 billion of savings to add to our existing responsible measures to repair the Budget in a fair way.

Budget repair that is fair requires continual attention to reduce low-priority or wasteful spending to make space for important spending or to improve the Budget bottom line.

Given the significant new spending in the Budget it is prudent to assess the efficacy of new and existing measures, and whether we would support them.

An initial assessment has identified $1 billion of savings to go towards Budget repair and other priorities.

The savings identified include:

  • Not proceeding with new Government advertising in several portfolio areas;
  • Scrapping the Regional Investment Corporation – farmers don’t need another Barnaby Joyce boondoggle;
  • Not supporting the Government’s First Home Super Saver Scheme – the scheme will do nothing to address housing affordability and will undermine superannuation; and
  • Not proceeding with the National Partnership on Regulatory Reform.

We’re also outlining new revenue measures, including:

  • Introducing a $3,000 cap on deductions for managing tax affairs; and
  • Reversing the Trans-Pacific Partnership provision.

Our fair savings package builds on policies we have already announced to improve the Budget position, including negative gearing and capital gains tax reform, removing junk PHI policies and a fairer superannuation system.

Our approach is in stark contrast to the Turnbull Government, which wants to deliver a tax cut to millionaires and multinationals, while giving a tax hike to every working Australian.

Labor will continue to lead the conversation when it comes to Budget repair that is fair.

A factsheet is available here

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