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Australia’s Ruling Coalition Pledges Improved Budget in Costings

Economy May 17, 2022 11:16
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© Reuters.

(Bloomberg) -- Australia’s ruling Liberal-National coalition said it will narrow the budget deficit by about A$1 billion ($700 million) via cuts to the bureaucracy as it announced costings for its election policies.

Treasurer Josh Frydenberg said Tuesday the government planned to increase an efficiency dividend for public service agencies to 2% from 1.5% over the next three years if re-elected on May 21. The measure will cover the costs of all the coalition’s election announcements while leaving the budget better off.

“It’s a responsible approach,” Frydenberg told reporters in Melbourne. “It ensures our budget bottom line actually improves over time.”

The opposition Labor party is due to release its policy commitment costings on Thursday ahead of Saturday’s ballot.

Australia’s books will remain deep in the red over the four-year horizon set out in this year’s budget, reflecting the hit to growth and vast fiscal spending deployed to support the economy through the pandemic. The center-right government, which is trailing in opinion polls, maintains Labor will increase taxes to pay for higher spending. 

©2022 Bloomberg L.P.

Australia’s Ruling Coalition Pledges Improved Budget in Costings
 

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Comments (1)
Alan Arnold
Alan Arnold May 17, 2022 12:13
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tr oouting on about taxes that MIGHT be lifted here and there, instead of looking at the ACTUAL rising and more rises planned for rates with the current govnmnt. everytime, it's more about rubbishing the other guy abd not showing us how we can wirk together. Yes the job keeper was exorbitant but nothing compared to what they've gained from foresight to buy oil at the covid low. If the govt didnt come out smelling rosier after this last couple years with a noticeable thirn they can point and say, "Oh but look what we did, and so even though it's not the peoples fault for our current suffering... it really is though, ir thats our underlying message so we're going to price gauge the sh@# out if everything"
 
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