The Labor Party has released its long-awaited report into the cost of election promises. The document addresses doubts that the opposition would be able to pay for its plans.
Tim Lofthouse reports.
Labor has today put its money where its mouth is.
The party has finally responded to questions about the cost of their promises and a surplus.
Chris Bowen, Shadow Treasurer: “Now I know it’s unusual for the Labor party to go to an election promising bigger budget surpluses, we can do so not just as a commitment because it’s underpinned by these policies.”
It’s claiming it will have $154 billion worth of extra revenue over a 10 year period.
That money would come from five areas of tax reform including changes to franking credits, negative gearing and capital gains tax.
Chris Bowen, Shadow Treasurer: “96% of Australians won’t be impacted by the abolition of franking credit refunds, 95% of superannuates won’t be affected by our changes to superannuation, 98% of tax payers won’t be affected by our family trust reforms.”
Labor believes it will be a one-per cent surplus within four years, equating to a total of 22 billion.
And that, it says, is more than twice the coalition’s forecasted surplus.
Labor leaders believe their costings will allow them to deliver on health and education promises, and still provide tax cuts to low and middle income earners.
Tim Lofthouse QUT News.