WhatsNew2Day
Latest News And Breaking Headlines

Australia election 2022: Labor to increase Australia’s debt by $7.4BILLION

I work to increase Australia’s debt by $7.4 BILLION when Anthony Albanese’s team FINALLY releases his policy costs two days before the election, showing huge spending on childcare and Medicare

  • Labor has released a document outlining the cost of its policies ahead of the election.
  • It shows that Labor will spend $7.4bn compared to the Coalition over the next 4 years
  • Over the next four years, Labor deficits are forecast to total $231.9 billion.

Labor will spend an extra $7.4bn compared to the Coalition over the next four years if it wins power on Saturday.

Most of the difference is due to large spending on child care, free TAFE, renewable energy, and Medicare.

Over the next four years, Labor deficits would amount to $231.9bn, about $7.4bn more than Scott Morrison’s March budget forecast.

Both major parties will take on Australia’s debt of more than $1 trillion for the first time by 2024.

Labor will spend an extra $7.4 billion compared to the Liberals over the next four years if they win power on Saturday.  Pictured: Shadow Treasurer Jim Chalmers

Labor will spend an extra $7.4 billion compared to the Liberals over the next four years if they win power on Saturday. Pictured: Shadow Treasurer Jim Chalmers

The big expense of work

cheaper childcare: $5.4 billion over four years

Strengthening of the Medicare Fund: $750 million

Boosting Australia: $1 billion

Free TAFE: $800 million

Shadow Treasurer Jim Chalmers called the difference between the sides “modest” and said Labor’s investments would pay off in the future.

“The modest $7.4 billion difference between the two budgets is made up of key investments in childcare, investments in training and education, and investments in cheaper, cleaner energy,” he said.

Scott Morrison called $7.4 billion “a lot of money.”

“You can vote for the Liberal-National Party team, vote for a strong economy and avoid the risk of a weaker one under a Labor Party that can’t manage the money,” he said.

Labor’s cost document, finally released two days before the election, shows $18.9 billion in new spending offset by $11.5 billion in savings.

There are 13 cost-cutting measures, including the abolition of the regionalization grant program.

The ALP also claims it will save $400 million and eliminate temporary protection visas and allow thousands of refugees to stay permanently.

Anthony Albanese said the additional spending would not further stoke inflation, which hit 5.1 percent in April.

‘What it will do is produce a return. It produces economic activity,’ he said.

Albanese has promised 50 first aid clinics across the country if he wins the election.

The clinics will treat injuries that are not life-threatening, such as broken bones, minor burns, cuts and animal bites and will be open daily from 8 am to 10 pm.

He also promised to spend $750 million over four years to improve access to GPs, including outside business hours.

The work will provide 465,000 free TAFE seats and an additional 20,000 university seats under a $1.2 billion plan.  The Coalition has proposed a $2.4 billion plan to give apprentices in high-demand sectors a $5,000 cash payment.  In the picture: the traditions of Sydney.

The work will provide 465,000 free TAFE seats and an additional 20,000 university seats under a $1.2 billion plan. The Coalition has proposed a $2.4 billion plan to give apprentices in high-demand sectors a $5,000 cash payment. In the picture: the traditions of Sydney.

The work will provide 465,000 free TAFE seats and an additional 20,000 university seats under a $1.2 billion plan.

The free TAFE places will be for courses in industries with skills shortages, such as trade and construction, resources, digital and cyber security, new energy and advanced manufacturing.

One of the most important Labor Party policies is to increase childcare subsidies for all families earning less than $530,000, at a cost of more than $5 billion over four years.

Albanese would remove a cap that prevents families earning more than $189,390 from receiving more than $10,560 a year in subsidies.

A family with $189,390 using child care five days a week would instead receive $21,608 in subsidies, more than double the current allocation.

One of Labor's most significant policies is to increase child care subsidies for all families earning less than $530,000.  The Coalition has increased the subsidy by 30 percent for the second and subsequent children

One of Labor’s most significant policies is to increase child care subsidies for all families earning less than $530,000. The Coalition has increased the subsidy by 30 percent for the second and subsequent children

Commercial

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More