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

Australia election 2022: Labor to increase Australia's debt by $7.4BILLION 2

Labor to increase Australia’s debt by $7.4BILLION as Anthony Albanese’s team FINALLY release their policy costings two days before the election – showing big spending on childcare and Medicare

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

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

The bulk of the difference is due to big spending on childcare, free TAFE, renewable energy and Medicare. 

Over the next four years, Labor’s deficits would add up to $231.9bn, roughly $7.4bn higher than Scott Morrison’s March budget forecast.

Both major parties will take Australia’s debt over $1trillion for the first time ever by 2024.

Labor will spend an extra $7.4billion compared the Liberals over the next four years if it wins power on Saturday

Labor will spend an extra $7.4billion compared the Liberals over the next four years if it wins power on Saturday

Labor’s big spending 

Cheaper child care: $5.4billion over four years

Strengthening Medicare Fund: $750million 

Powering Australia: $1billion

Fee-free TAFE: $800million 

Shadow Treasurer Jim Chalmers said the difference between the parties was ‘modest’ and said Labor’s investments would deliver returns down the track. 

‘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 cleaner and cheaper energy,’ he said.

Labor’s costing document – finally released two days before the election – also shows 13 cost-cutting measures that will save $11.5billion over four years, including abolishing the regionalisation grant program and scrapped temporary protection visas.

Anthony Albanese has pledged 50 first-aid clinics across the country if he wins the election.

The clinics will treat non life threatening injuries such as broken bones, minor burns, cuts and animal stings and will be open every day between 8am to 10pm.

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

Labor will provide 465,000 free TAFE places and 20,000 extra university places under a $1.2billion plan. The Coalition has proposed a $2.4 billion plan to give apprentices in high-demand sectors $5,000 cash payment. Pictured: Sydney tradies.

Labor will provide 465,000 free TAFE places and 20,000 extra university places under a $1.2billion plan. The Coalition has proposed a $2.4 billion plan to give apprentices in high-demand sectors $5,000 cash payment. Pictured: Sydney tradies.

Labor will provide 465,000 free TAFE places and 20,000 extra university places under a $1.2billion plan.

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

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

Mr 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 on $189,390 that uses childcare five days a week would instead get $21,608 in subsidies, more than double the current allowance.

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

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

 

 

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