NO PLAN
Labor has no economic plan.
Over the last 30 years, Labor governments have, on average, delivered higher unemployment, higher interest rates, higher electricity prices and higher taxes on Australian workers and small businesses.
And not a single balanced budget.
Labor leader Anthony Albanese has argued for higher taxes on retirees, housing, families, small businesses and inheritances.
The best economic document Albanese’s Labor can produce is a 13-page pamphlet supporting higher taxes on mining, uncapped public service staffing and yet another review.
The document gives the green light to uncapped “...spending to generate a Budget position that will allow us to reduce debt as a share of the economy over time”.
At the last election, Bill Shorten said we could tax our way into surplus.
Now Albanese is saying we can spend our way out of debt.
The truth is, Labor can’t manage money.
That means higher deficits, higher debt, higher interest rates, higher costs of living and higher taxes.
In an election about jobs, Albanese doesn't know the unemployment rate.
In an election about the cost of living, Albanese doesn't know the cash rate.
And in an election about economic management, he has not put forward a single policy for independent costing by either the Parliamentary Budget Office or the Treasury and Finance departments.
Labor can’t say how they’ll pay for their promises.
Albanese has never held a financial portfolio. He’s never delivered a budget. He’s never held a national security portfolio.
The Labor leader was part of a government that cut defence spending to the lowest level since 1938 as a share of the economy.
On major policy issues – like border security, taxes, mining and energy – Albanese flip-flops. He’s too weak to stand up to the unions, the Greens or fake independents.
Labor will always spend more.
Labor will always tax more.
Labor would have spent over $80 billion more during the pandemic, including $6 billion of taxpayers’ money for Australians to get vaccinated, even though they'd already been vaccinated.
Labor’s spending includes more than $25 billion of election promises, $52 billion in hidden costs, $61 billion in “door left open” policies and $302 billion in so-called “platform” promises, the details of which will be kept from Australians until after the election.
But we know how Australians will pay.
Labor will dust off the $387 billion of higher taxes they promised at the last election.
Higher taxes on income, family businesses, superannuation, retirees and housing.
In uncertain times, Australia can’t risk Labor.
The Australian people have the choice between the Morrison Government that is delivering a strong economy and a stronger future or Anthony Albanese’s Labor Party that just does not get the economy and is too weak to stand up to the Greens or the unions.
THE DETAILS REVEALED
Election promises – more than $25b
|
Child care |
5,400.0 |
|
Aged care |
2,500.0 |
|
Suburban Rail Loop |
2,200.0 |
|
Disaster Ready Fund ($200m a year) |
800.0 |
|
Reducing the PBS Co-Payment |
765.3 |
|
Strengthening Medicare Fund |
750.0 |
|
465,000 free TAFE places |
621.0 |
|
Widen the Bruce Highway to eight lanes between Anzac Avenue and Uhlmann Road |
586.4 |
|
Official Development Assistance - Pacific Plan |
525.0 |
|
Down payment on high-speed rail |
500.0 |
|
1,080 new public service roles |
500.0 |
|
20,000 extra university places |
481.7 |
|
Better mobile coverage on roads and regions fund |
400.0 |
|
Help to Buy - underlying cash balance impact |
329.0 |
|
Expansion of Continuous Glucose Monitoring |
273.1 |
|
Electric Car Discount - Powering Australia Plan |
251.0 |
|
Driving the Nation Fund |
250.0 |
|
Local Roads & Community Infrastructure Program |
250.0 |
|
Schools Upgrade Fund |
240.0 |
|
Saving Native Species program |
224.5 |
|
General Practice grants |
220.0 |
|
Kuranda Range Road upgrade |
210.0 |
|
Community Batteries - Powering Australia Plan |
200.0 |
|
Flinders Medical Centre expansion |
200.0 |
|
Place-based connectivity projects fund |
200.0 |
|
NT strategic roads package |
200.0 |
|
Student Wellbeing Boost |
200.0 |
|
Widen the Bruce Highway to eight lanes between Dohles Rocks Road and Anzac Avenue |
200.0 |
|
Urban Rivers and Catchments Program |
200.0 |
|
Great Barrier Reef |
194.5 |
|
500 community sector domestic violence workers |
153.0 |
|
Cairns marine precinct |
150.0 |
|
Regional Health Package |
146.0 |
|
Urgent care clinics |
135.0 |
|
Coopers Plains level crossing |
133.0 |
|
130 locally manufactured electric buses |
125.0 |
|
First Nations Health Package |
111.0 |
|
Epping Bridge upgrade |
110.0 |
|
Cairns Water Security – Stage 1 Project |
107.5 |
|
National Institute for Forest Products Innovation |
106.6 |
|
Coorparoo crossing upgrade design work |
100.0 |
|
Crisis Accommodation Fund |
100.0 |
|
NT remote housing |
100.0 |
|
Tranche Three irrigation schemes in Tasmania |
100.0 |
|
85 Solar Banks |
100.0 |
|
10,000 New Energy Apprenticeships |
100.0 |
|
450+ promises below $100m |
4,000+ |
|
Total |
25,000+ |
Hidden costs – $52b
| $m |
Rewiring the Nation Corporation | 20,000 |
National Reconstruction Fund | 15,000 |
Housing Future Fund | 10,000 |
Help to Buy - balance sheet impact | 7,300 |
Battery Manufacturing Precinct | 100 |
Total | 52,400 |
Interest bill – $3.6b
| $m |
Interest on election promises | 2,400 |
Interest on hidden costs | 1,200 |
Total | 3,600 |
Door left open policies – $61b
Promises | $m |
State schools: Increase funding for public schools from 20% to 25% of the Schooling Resource Standard from 2024 | 30,900 |
State hospitals: Increase from 45% to 50% share of funding growth and remove the 6.5% funding growth cap | 30,500 |
Total | 61,400 |
Platform promises - $302b
| $m |
Foreign aid: Increase Australia’s Official Development Assistance to 0.5 per cent of GNI | 93,100 |
JobSeeker payment: Increase the JobSeeker by $24 a day | 82,000 |
Childcare subsidy: Universal 90% childcare subsidy | 63,500 |
Paid Parental Leave: 26 weeks on full pay and super | 45,100 |
Refugee intake: | |
Increase Government funded humanitarian intake places (from 13,750) to 27,000 | 11,000 |
Increase community sponsored humanitarian intake places (from 750) to 5,000 | 2,100 |
Early childhood education: Universal 3-year-old preschool and kindergarten programs | 5,100 |
Total | 301,900 |
So-called Budget “improvement” - $5.3b
| $m |
Reduced departmental funding | 3,000 |
$1.89b Multinational Tax Plan | 1,900 |
Double foreign investment screening fees and financial penalties | 400 |
Total | 5,300 |
Copied promises – 15 in total
|
Cairns Water Security – Stage 1 Project |
Australia-Wide National Institute for Forest Products Innovation |
Expansion of the Continuous Glucose Monitoring Initiative |
Nyrstar Electrolysis Plant Expansion |
Reducing the PBS Co-Payment |
Increasing the Income Threshold for the Commonwealth Seniors Health Care Card |
Establishment of the Bragg Comprehensive Cancer Centre, South Australia |
Freezing Deeming Rates for Two Years |
Northern Tasmania Palliative Care Centre |
Public Interest News Gathering Program – Additional Round |
Perinatal Mental Health Hubs |
Regional Health Package |
Incentivising Pensioners to Downsize |
Reducing the Eligibility Age for Downsizer Contributions |
Rural Health and Medical Training, Far North Queensland |
