Albanese says he can’t compare deficits without knowing Coalition commitments

Anthony Albanese says he does not know whether Labor will produce higher budget deficits than the Coalition because “we have no idea” the election commitments Scott Morrison will make in the final fortnight of the campaign.

Labor leader Anthony Albanese eats a rhubarb and custard donut during his visit to Ryde Wharf Market, seat of Bennelong, accompanied by Labor’s candidate Jerome Laxale. Picture: Liam Kidston

Anthony Albanese says he does not know whether Labor will produce higher budget deficits than the Coalition because “we have no idea” the election commitments Scott Morrison will make in the final fortnight of the campaign.

The Opposition Leader sidestepped questions over Labor’s costings after The Weekend Australian revealed the opposition was likely to announce modestly higher deficits than the Coalition over the next four years.

Asked whether budget deficits would be higher or lower under a government he leads, Mr Albanese refused to give a direct answer.

“We will wait and see what the government comes up with. We know what our plans are, we know what our commitments are,” he said. “We have put out costings as we have gone and have released all of our costings in the usual way as oppositions have.”

Labor sources said there had been internal discussions about the deficit “gap” between the major parties of being in the vicinity of $10bn, which MPs consider minor given the government’s forecast deficits over the forward estimates totals at $225bn.

Labor MPs have told The ­Australian the deficit gap could end up being far below $10bn if the Prime Minister comes out with big policies as the Coalition attempts to win over undecided voters. There is also a potential for Labor to jettison planned announcements in the final fortnight of the campaign given inflation has proven higher than expected.

However, Labor MPs said rising inflation and interest rates had already been factored into their budget strategy.

The Australian understands Labor will not unveil any more budget repair measures than its $5bn pledge to crack down on multinational tax avoidance and cut contractors in the public ­service.

This is not enough to offset its commitments on child care, health, education, housing and foreign aid.

Opposition treasury spokesman Jim Chalmers on Saturday left open the possibility of Labor running higher deficits than the Coalition, despite Mr Albanese saying, “That’s not the plan.’’

Asked on Sunday why he had not released Labor‘s costings ahead of early polling opening on Monday, Mr Albanese said that, unlike the Coalition, his party had held a campaign launch to outline its policies. “Hands up those who lead a political party that’s had a campaign launch?” the Labor leader said.

“Seriously, the Liberal Party are not doing their campaign launch until next week. We have no idea what their costings are.

“We have no idea what their commitments are. Scott Morrison is waiting for people to have voted for a week before he outlines what his costings are.” In fact, the government’s ­costings are available on Treasury’s caretaker period website: ­electioncostings.gov.au. This is where Labor’s costings will also be published when they release them.