Federal Election 2025: Coalition slams Labor as it unveils costings
The Coalition claims it will reduce Australia's debt by more than $40 billion over four years by scrapping funding for housing, public servants, student debt write-offs, and electric car and green hydrogen subsidies.
Peter Dutton said he will reduce the budget deficit by $14 billion over four years as well, while delivering cost-of-living help with a 25 cent a litre cut in the fuel excise, and a one-off $1200 cost of living tax offset for low and middle-income earners.
The Coalition will release the rest of its costings on Thursday, while Labor has already revealed its economic plan.
Labor is forecasting a decade of deficits and debt set to reach $1.2 trillion in 2028-29.
'Labor has delivered the longest per-capita recession on record and the biggest collapse in living standards in the developed world,' Opposition Treasurer Angus Taylor said.
'That's not bad luck, that's bad management. After raking in almost $400 billion in extra revenue, Labor chose to splurge instead of save, leaving Australians more exposed to the next economic shock.
'We will rebuild the nation's fiscal buffers, reduce debt, and begin budget repair because that's what economic responsibility looks like.'
Coalition's savings and cuts
The Coalition has detailed which parts of the budget it will take the knife to.
It includes the $20 billion Rewiring the Nation Fund, the $10 billion Housing Australia Future Fund, $14 billion of production tax credits — including for green hydrogen, public servant increases through natural attrition, $3 billion taxpayer-funded electric car subsidies, the $16 billion write-off of HELP debts for former university students, and $200 billion for Victoria's Suburban Rail Loop.
The Coalition's spokesperson for finance, Jane Hume, said 'getting Australia back on track means tough choices and real leadership, not more lies and broken promises from Labor'.
'Labor's decade of deficits is a warning sign — they've ignored the IMF and credit agencies and are gambling with Australia's AAA credit rating,' Hume. said
'This won't just affect business but would impact all Australians. We can't afford more of Labor's reckless spending.
'The Coalition will restore discipline, reduce debt, and deliver cost-of-living relief that doesn't fuel inflation.'
Labor hits back
Labor's Finance Minister Katy Gallagher has hit back, calling the Coalition's plan a 'con job'.
'There will be cuts, savage cuts, that they have hidden all campaign ... to pay for their nuclear reactor scheme,' Gallagher said.
'It is a fraud to say you are improving the budget bottom line when you will need to borrow hundreds of billions of dollars to pay for nuclear reactors around the country.
'Students will pay more, there will be less housing and income taxes will rise. We (Labor) have made savings and found provisions to pay for our election commitments.
'Borrowing to fund a taxpayer funded nuclear energy system will bankrupt the budget, that is clear, and under those arrangements we won't be able to retain the triple-A credit rating.'
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