13 February 2016

Shorten’s long con - ‘most important structural budget reform’ raises just $0.56 billion

Bill Shorten should drop his long con of Australians – his ‘most important structural budget reform’ announced today adds just $0.56 billion to the Budget over the next four years, Treasurer, the Hon. Scott Morrison said.

"Once again Bill Shorten’s numbers just don’t add up. With Australia currently in deficit to the tune of $37 billion [2015/16] Labor’s tax measure would add just $0.56 billion to the budget over the next four years,” Treasurer Morrison said.

"Bill Shorten called the mining tax ‘landmark’ reform. It raised no revenue. Australians will recognize the pattern and won’t be fooled again. Bill Shorten’s long con is back.

"The Budget is written over the next four years, not ten. And by that measure Labor’s ‘most important structural reform’ doesn’t even pay the price of admission to the debate on strengthening our Budget.

"Australians know that bold claims of ‘$32 billion in savings’ over a decade as a result of his latest tax measure are fiscal fantasy.

"And it gets worse. Labor have already announced $8 billion in new taxes over the budget and forward estimates, almost $14 billion in new spending but only $0.38 billion in actual savings measures.

"Meanwhile Labor continues to oppose $13 billion in savings measures the Turnbull Government has proposed and want to restore $30 billion worth of savings the Government has already banked.

"Their failure to control spending means that, just like their last period in office, if Labor were to be elected there would be no room for tax cuts for average income earners. In fact, their taxes would go up to feed Labor’s massive increases in spending.

"The Turnbull Government won’t ignore the need to strengthen the Budget or attempt to con Australians that taxing and spending will achieve this or boost jobs and growth.

"The Government will continue to address the budget challenges our nation faces by getting expenditure under control while continuing to explore options for reducing the income tax burden for hard working Australians to drive jobs and growth.

"Labor’s tax and spend approach will just bring more spending and higher and higher taxes," Treasurer Morrison said.