The final report from the Independent Costing Review Panel was delivered to the Federal Labor Party today. In net terms Federal Labor has spent less than half the Coalition and maintained surpluses above one per cent of GDP over the forward estimates, putting downward pressure on inflation and interest rates.

• The net impact of Labor’s policies across the forward estimates is $5.0 billion, the Coalition’s net impact is $10.3 billion.
• Over the forward estimates Labor will deliver surpluses $5.9 billion larger than the Coalition.
• Labor will deliver surpluses above one per cent of GDP across the forward estimates (inclusive of Public Debt Interest), which will put downward pressure on inflation and interest rates. The Coalition has not delivered surpluses above one per cent of GDP across the forward estimates.

In addition, Labor has delivered significant tax benefits for all Australians including $31 billion in personal income taxes, a $2.1 billion Education Tax Refund to help working families with the costs of education, $1 billion in tax credits to support investment in urban water infrastructure and $460 million in tax incentives to help young Australians save for their first home.

 

Coalition versus Labor Budget Position