Treasurer Jim Chalmers will have to find space for $2.4 billion in election promises in next month’s budget.Credit:Alex Ellinghausen
In the lead-up to the election,Labor identified nearly $1.3 billion in savings it could claw back from the previous government’s programs,ahead of a“waste and rorts” audit since launched by Finance Minister Katy Gallagher. But this still leaves the government with a $1.15 billion shortfall for 2022-23 between promised election spending and saving measures.
Chalmers said the government’s election promises were about fixing shortfalls left by the Coalition.
“We are proud of the commitments we took to the election,proud of the responsible investments that we proposed to the Australian people,” he said in question time on Tuesday. “Our position on the economy and taxes,on the commitments we took to the election,hasn’t changed.”
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Shadow treasurer Angus Taylor had asked Chalmers how the government would pay for its budget commitments.
“What new taxes will the treasurer introduce in order to pay for this and other new spending?” he said in question time.
According to Labor’s own costings for its 160 election promises,15 commitments require more than $50 million in funding this financial year,including six that need more than $100 million by the end of June.