Shadow Treasurer Joe Hockey has announced coalition savings of $46.7-billion over four years yet failed to say where the cuts will come from in his budget response at the National Press Club.

But he’s confident productivity will be the key to success.

Anita Theodorou reports.

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TRANSCRIPT

The pressure may have been on the Shadow Treasurer but it was him trying to calm the media down.

The coalition’s promise he would outline a string of measures to slash government spending – broken – Joe Hockey announcing none.

Mark Riley, Network Seven: “Tony Abbott said last week that you would be announcing a detailed response to new spending and new saving proposal. Why didn’t you do that?”

Andrew Probyn, West Australian: “I think it’s pretty poor form to say you’ve got $47 billion in savings and not show us.”

Instead he said the finance spokesman would detail the savings after the meeting.

What he did announce – the coalition’s plan for a major independent review of the Trade Practices Act along with the nation’s capital stock and competition policy framework.

It’s all aimed at boosting the nation’s productivity.

Joe Hockey, Shadow Treasurer: “As a nation we can do better. We need productivity if we are to provide a better standard of living for ourselves, our children and their children.”

Education’s also on their agenda. If they lift standards, they lift productivity.

Joe Hockey, Shadow Treasurer: “We will restructure the primary schools for the 21st century program to give parents and not public servants in Canberra the money and power to determine what is best for their local community.”

Despite avoiding the details everyone wanted to hear the coalition remains confident in their own performance.

Joe Hockey, Shadow Treasurer: “Tony Abbott and our coalition team are prepared to make the tough decisions.”

Anita Theodorou, QUT News