Today the Pre-Election Economic Fiscal Outlook or PEFO was released. It included 21 fully-costed Labor election announcements. It's official: Treasury has confirmed Federal Labor’s responsible economic management. But to date, nobody has seen any Liberal Party costings.
The Federal Departments of Treasury and Finance have confirmed Federal Labor’s plan to return the budget to surplus while supporting jobs and fostering growth. As part of a process legislated by Peter Costello, the Departments are required to provide an independent assessment of the state of the budget within ten days of the election being called.
PEFO confirmed the budget bottom line released by Federal Labor more than eleven days ago. If anything the figures show the budget outcome over the next four years is $209 million better than Federal Labor’s estimate.
Federal Labor is managing the budget responsibly while preparing Australia for end of the China resources boom.
Federal Labor is investing in Better Schools, improving health care, building the National Broadband Network (NBN) and investing $60 billion in nation building infrastructure.
Four facts from PEFO:
- Under Federal Labor the budget will return to surplus in 2016-17.
- In 2019-20 the surplus will be 1 per cent of GDP and will stay there.
- Fully costs 21 of Federal Labor’s policies.
- Repudiates Tony Abbott’s claims about a budget emergency and a deterioration in the economy.
The Liberal Opposition has spent over a year criticising the professionalism of the officials at the Departments of Finance and Treasury.
PEFO puts to bed the Liberal Party’s falsehoods on the state of Australia’s economy.
There is no budget emergency. Debt is relatively low and Labor has a plan to return the budget to surplus while supporting jobs and fostering growth.
The Liberals have run out of excuses: no more slurs against officials; no more fabrications about budget numbers. The numbers are in and they must release their costings – their cuts to the bone.