A new report has given a fresh analysis of the government’s election commitments, revealing the true cost of Labor’s big promises.
A detailed look at Labor’s election promises has revealed the true cost of implementing Anthony Albanese’s plan for Australia.
The Parliamentary Budget Office on Thursday released its report on each party’s election commitments.
It revealed Labor’s election promises, if fully implemented, would deepen the budget deficit by $6.9 billion over the next four financial years.
Big spending promises such as offering cheaper child care and plans to fix the aged care crisis are expected to cost $5.1bn and $2.5bn over the forward estimates.
But it’s not all doom and gloom for the government, with the PBO estimating it could bank $21.7bn in savings over the next 10 years.
During the election, Labor labelled its promises “modest” and estimated its commitments would cost the budget bottom line an extra $7.4bn over the forward estimates.
Meanwhile, the Coalition’s election commitments would have contributed $1bn to the deficit over the next four years.
The Greens were singled out as the campaign‘s big spenders, with promises that, if implemented, would add an additional $26.1bn to the deficit.
But leader Adam Bandt said the return on investment was worth the extra spend.
In a statement, he encouraged Treasurer Jim Chalmers to drop any plans for an “austerity budget”.
Victorian MP Helen Haines was the only independent MP to submit her policies to the PBO for its report.
Mr Chalmers will provide an economic update to parliament next month, and will hand down his first budget later in October.
Originally published as True cost of Labor’s election promises revealed by budget office
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