The Government this week has secured almost $11 billion worth of improvements to the budget bottom line over the forward estimates to 2019-20, as a result of the deal which secured the passage of the Budget Savings (Omnibus) Bill ($6.3 billion), and tobacco excise increases ($4.6 billion).
These measures grow to $58 billion by the end of the medium term, making this week of Parliament a significant week when it comes to budget repair to arrest the debt left to us by Labor.
Credit agencies have warned that budget repair measures need to be passed or we risk a downgrade in our credit rating.
There is more work to be done, with a number of unlegislated savings measures that the Government has identified as necessary to control expenditure and maintain spending at sustainable levels into the future.
The Government remains committed to ensuring that Australia is on the best possible fiscal foundation for the future.
We will continue to work with all parties and crossbenchers in the Parliament to pass all the Government’s savings measures outlined in the Budget.