The ALP has released its election costings, projecting that they would balance the Budget in 2020-21, the same year as the government.

The Opposition’s “Fiscal Plan” proposes $10.5 billion more savings than spending over the decade. However, the Budget bottom line will be $16.5 billion worse over the 4-year Forward Estimates.

The ALP says: “The more modest fiscal consolidation over the forward estimates of around 0.2 per cent of GDP per year (on average) is more than made up for by Labor’s structural savings over the medium term. Labor’s approach to budget management has fairness at its core, and will not seek to fix the Liberals’ budget mess by attacking family budgets. We will budget transparently and honestly.”

The costings were released in Sydney by the Shadow Treasurer, Chris Bowen, and the Shadow Finance Minister, Tony Burke. The Opposition Leader, Bill Shorten, is in Gladstone. The release was announced during Prime Minister Turnbull’s campaign launch and took place at 1.00pm, shortly after Turnbull finished.

The costings document is shown below. [Read more…]