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More costings hypocrisy from Labor

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Media Release

The Hon Andrew Robb AO MP Shadow Minister for Finance, Deregulation and Debt Reduction Chairman of the Coalition Policy Development Committee

Friday 23 August 2013

More costings hypocrisy from Labor

Labor’s rank hypocrisy over election costings is again on full display with the release of its small business GST red tape reduction initiative.

This poses the question: Mr Rudd, on what day will the Australian people see all of Labor’s final election costings?

Under the proposal businesses with a turnover of under $20 million will be able to pay GST instalments quarterly, with an annual reconciliation. The Tax Commissioner will notify businesses of their GST instalment rate based on GST paid the previous year.

The fact sheet released by Kevin Rudd with the announcement, highlights Labor’s shameless double standards in its constant demands of the Coalition to release all of its election costings.

Under the heading Financial Implications it states:

“This change is estimated to have an unquantifiable but small impact on revenue over the forward estimates.”

This shows that Labor has no idea what this policy will even cost, yet we are expected to take them at their word that the costs will be small. These costs would most likely be borne by the states and territories. Were they consulted or is this the latest example of another chaotic Kevin Rudd thought-bubble?

This flies in the face of comments made by Infrastructure Minister Anthony Albanese this morning who when asked about Labor’s election costings said: “There are no uncosted thoughts in any of our proposals.”

It also follows Kevin Rudd’s northern Australia frolic when he announced uncosted plans to cut the company tax rate by a third in the Northern Territory, much to the horror of his unaware senior colleagues.

Given Labor’s track record of budget blow-outs, record debt and deficit there is real cause for concern for the Budget with Labor’s new accounting standard based on the throwaway line “unquantifiable but small impact”.

Media Contact: Cameron Hill, 0408 239 521