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Labor must release its savings.



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14th May 2004 37-04

Labor Must Release Its Savings

Mark Latham should publicly release the detailed documentation of how Labor intends to fund its growing list of election promises.

On radio this morning Mr Latham claimed to have identified more than $8 billion in savings through the abolition of Government programmes and Government agencies.

He said that Labor had compiled a document that identified the alleged savings:

“Yeah, I’ve got it right here in front of me. Economic spokespeople who have consistently released this material and the two announcements I had yesterday………we’ve identified where the money is coming from in both cases to make those programmes work. They’re fully costed and fully funded.”

(Alan Jones 2GB 14 May 2004)

The Government has already highlighted the fact that several of Labor’s claimed savings have disappeared because they are no longer in the forward estimates.

If Labor has additional savings, they should let the Australian people know what they are.

Attachment: Labor’s claimed savings

Savings claimed by Labor so far that don’t exist ($ million)

Saving Amount

claimed

Source Comment

Tax deductibility for political donations 60 2002-03 Budget reply No saving. Labor claimed they would

reverse a Government proposal to extend tax deductibility for political parties to donations of $1,500. However, this measure lapsed when it failed to pass the Senate and has been removed from the forward estimates.

Employee Entitlements 141 2002-03 Budget reply Double counting. ALP subsequently

claimed a higher saving for the abolition of GEERS in the Baby Care Payment policy, duplicating the saving claimed in 2002-03.

Review of International Tax Arrangements 270 2003-04 Budget reply Largely implemented and now

supported by Labor.

Opposing the super surcharge reduction 700 ALP Superannuation policy (Sherry 2003 release)

Now implemented. Labor has not committed to reversing the surcharge reduction.

Opposing choice of super fund for public servants 780 ALP Superannuation policy (Sherry 2003 release)

No longer Government policy. No longer in the forward estimates.

Abolition of tax concessions for foreign workers 160 Aim Higher Government no longer pursuing the

initiative, after it failed to get Senate approval. No longer in the forward estimates.

Merging the ABA and ACA 75 Labor’s Baby Care Payment Merger now enacted by the

Government. No savings available.

Abolishing NOIE 140 Australian, 26/1/04 NOIE now abolished. No savings

available.

Baby Bonus and Maternity Allowance 1,729 Labor’s Baby Care Payment Baby Bonus and Maternity Allowance now abolished. Corresponding ALP

spending removed from spending list.

TOTAL 4,055

Media contact: Jennifer Eddy 02 62777400