Chris Bowen vows fiscal review as Federal Budget surplus looms
Labor is promising a “mini-budget” by September if it wins next month’s federal election, warning the government’s Budget tomorrow will be a “highly political document” that is nothing more than a Coalition campaign launch.
News
Don't miss out on the headlines from News . Followed categories will be added to My News.
Labor is promising a “mini-budget” by September if it wins next month’s federal election, warning the government’s Budget tomorrow will be a “highly political document” that is nothing more than a Coalition campaign launch.
Opposition treasury spokesman Chris Bowen has vowed to reset the economic direction of the nation within months if Bill Shorten is successful in May.
$700M TO SAVE VICTORIA’S MOST MARGINAL SEAT
STRUGGLING AUSSIES TO GET $125 FOR POWER BILLS
Treasurer Josh Frydenberg is poised to deliver the first Budget surplus in more than a decade tomorrow, and is likely to offer tax cuts and cash handouts to pensioners as election sweeteners.
He yesterday revealed the government would again pay a one-off power-bill supplement, the same as from the 2017-18 Budget, by giving out $75 for singles and $125 for couples.
Mr Frydenberg denied the measure was a “cash splash”, describing the payments as “responsible, targeted spending”.
“What this Budget will do is make very clear the contrast at the next election,” Mr Frydenberg told the Nine Network.
“We have faced … a number of spending challenges, including the impact of the drought and the floods in Queensland, as well as, of course, extra GST payments to the states,” he said. “We are creating more jobs and delivering better services without increasing taxes.”
Mr Bowen promised an economic statement in the third quarter of the year to “reset the economic settings”.
“We need to update the forecasts with the new government in place, and then, of course, we would return to the normal Budget cycle of Budgets in May from 2020 onwards,” Mr Bowen told the ABC.
He promised the mini-budget would include changes to negative gearing and capital gains due to take place on January 1, 2020, and the contentious scrapping of franking credits.
The changes would deliver as much as $7 billion a year to an incoming Labor government in extra revenue.
Mr Bowen ruled out any grandfathering of changes to the franking credit pledge, linking it to ensuring the Opposition could afford to pay for its promises on schools and hospitals.
JAMES CAMPBELL: VIC IN BOX SEAT AS VOTERS WOOED
Prime Minister Scott Morrison is expected to call an election as early as this Sunday for May 11.
Mr Bowen yesterday left the door open to backing some of the government’s measures in a bid to get them passed before parliament rises. “If there’s sensible things which help the cost of living, we’ll support them,” Mr Bowen said.
BILL PLUGS IN ON CLIMATE
Electric cars will form a central part of Labor’s ambitious plan to cut pollution.
Bill Shorten will today promise the vehicles, which make up just 0.02 per cent of cars on the road today, will account for half of all new vehicles sold by 2030.
Labor’s long-awaited climate policy, which aims for a 45 per cent reduction on 2005 carbon levels by 2030, will focus on the transport sector through tough new pollution standards
A baseline-and-credit system will also force about 250 of the biggest polluters to buy credits locally — or for the first time internationally — if they exceed more than 25,000 tonnes of direct CO2 pollution a year.
Unveiling his climate policy today, the Opposition Leader will pledge to work with the transport sector — which accounts for 20 per cent of all pollution — to cut vehicle emissions, boost electric vehicles numbers, and help Australians save on their petrol bills.
Labor is promising to allow business to immediately deduct 20 per cent depreciation for private fleet electric cars worth more than $20,000.
A report last year, commissioned by the Federal Government, predicted electric cars will be as affordable as petrol ones within seven years and are likely to represent 90 per cent of all cars by 2050.
Mr Shorten will promise vehicle emission standards similar to those in the United States arguing a lack of action has cost motorists as much as $500 a year more at the pump. The policy aims to phase in standards of 105g CO2/km for light vehicles.
“Australia lags behind our competitor countries, whether it’s in electric vehicle take-up, or vehicle fuel efficiency,” Mr Shorten said.
Labor will require all federally funded road upgrades to incorporate electric vehicle charging stations, and work with states to ensure these are part of all new and refurbished commercial and residential developments.
Emissions-intensive trade-exposed industries, such as steel, aluminium and cement, will have protections so they can cut pollution and stay globally competitive.
Brewery puts name on global sporting stage
It’s the little brewery that could. A South Gippsland craft brewer is putting its name on a motorsport event with a global audience of more than 100 million people.
West Gate Tunnel build set to close key Docklands route
Brace for more traffic pain linked to the West Gate Tunnel project with a key route in the Docklands set to close.