Federal Labor Gets Economic Stamp Of Approval
Media Statement - 23rd November 2007
Federal Labor’s economic platform has been given a stamp of approval from the Commonwealth’s top economic advisers and the world’s oldest credit rating agency.
Last night the Secretaries of the Department of Treasury and Finance confirmed Labor costings submitted under the Charter of Budget Honesty.
Most significantly $9.2 billion in Labor savings to date have been given the seal of approval – compared to just $602 million of savings submitted by the Coalition.
Also key expenditure measures submitted under the Charter have been confirmed, including Labor’s:
- $2.1 billion Education tax Refund;
- $1.4 billion 50 percent Childcare Tax Rebate;
- $1.0 billion National Secondary Schools Computer Fund;
- $310 million National Solar Schools Plan;
- $729 million Trades Training Centres;
- $600 million National Elective Surgery Reform Plan; and
- $611 million Better Dental Health Plan .
Indeed the costings undertaken by Treasury and Finance show that Labor has been conservative in its costings.
The costings confirmed by Treasury and Finance to date show Labor has an additional $744 million available to bank.
The costing outcomes follow a stamp of approval to a Rudd Labor Government from Wall Street and the world financial community.
***International Ratings Agency gives stamp of approval to a possible Rudd Labor Government
New York City-based Fitch Ratings agency issued a statement from its Singapore Asia-pacific headquarters, saying a change to a Kevin Rudd-led Labor Government would maintain the international credit rating of Australian entities – which includes our AAA sovereign rating.
Fitch cited Labor's pledge to provide "conservative economic management" and said the election could prove a “fillip” to resolving the “intractable problems bedevilling the efficient working of the Australian economy” - Federal State Relations.
Fitch Ratings, the world's oldest credit rating agency and devised the rating system which are now used by Moodys and Standard and Poors.
The stamp of approval from Treasury and Finance, and the world’s oldest credit rating agency makes a mockery of the Howard’s Government’s fear campaign on Labor’s economic credentials and fitness to govern.