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Opposition costings wrong on participation policy



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SENATOR THE HON PENNY WONG

MINISTER FOR FINANCE AND DEREGULATION

MEDIA RELEASE

Parliament House, Canberra ACT 2600 Australia  Tel: (02) 6277 7400 Fax: (02) 6273 4110

PW 18/11 2 February 2011

OPPOSITION COSTINGS WRONG ON PARTICIPATION POLICY

Tony Abbott has today claimed that he has a cost neutral plan to boost participation in the Australian economy.

This claim is incorrect and misleading by Mr Abbott, who continues to offer up the same old discredited election policies.

During the election campaign, Mr Abbott claimed his employment participation policy would result in savings of $600 million over four years.

However, the Treasury and Department of Finance costing of the policy showed this claim was completely wrong. The costing shows the policy would not result in savings and would in fact cost the Budget $356 million over the forward estimates - an error of nearly $1 billion.

Mr Abbott has no credibility when it comes to savings measures, when his last round of savings measures were found to have a $10.6 billion black hole. He is not interested in savings - he is only interested in a political fight.

The Treasury and Department of Finance costing is available here: http://www.roboakeshott.com/node/763

Media contact: Laura Anderson 0411 143 111