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http://www.news.com.au/national-new...y-darling-scheme/story-fnho52ip-1226711731026
TONY Abbott will slash foreign aid, public service and Murray Darling water buyback spending in the last major cuts revealed in his $40 billion savings plan. At a press conference in Melbourne this afternoon, shadow treasurer Joe Hockey and shadow finance minister Andrew Robb finally released the costings to cover $34 billion expenditure.
The savings plans include a $1.1 billion dividend from "stopping the boats" and $1.3 billion saving from cutting the debt interest bill.
But Labor has claimed the release showed "vicious cuts" and was a "farce" with no policy costings verified by Treasury or Finance officials and just a spreadsheet released.
Mr Hockey said the release made good on the Coalition's pledge to voters to release the costings and would improve the budget bottom line by $6 billion and cut debt by $16 billion over the forward estimates.
About $31.6 billion in savings were already known but today's main new cuts listed include:
*$4.5 billion cut from foreign aid.
*$650 million by "rephasing" Murray Darling Water Buyback Scheme funding over six years instead of four years
*$428 million through a further 0.25 per cent efficiency dividend on the public service which it flags will be from cutting advertising, consultancies and travel.
*$185 million from suspending connecting renewables to the grid plan until committed demand is identified.
*$200 million for not proceeding with further increase in the instant asset write-off for business to $10,000.
*$42 million from discontinuing the ACT pokie trial.
*$13 million from cutting Community Cabinet events.
*$45 million from reducing the former Department of Climate Change.
*$42 million from reducing National Low Emissions Coal Initiative.
Mr Hockey said its infrastructure agenda would be fully funded from the reprioritisation of existing budget resources and a reduction in the growth of the foreign aid budget.
He said the Coalition was committed to the Millennium Development goal of increasing foreign aid to 0.5 per cent of GNI but could not do so given the state of the budget.
"Today we confirm our pledge: A Coalition Government will encourage strong economic growth and live within its means," Mr Hockey said.
"As a result, Australians will have greater job security, reduced cost of living pressures and a Government with less debt and an improved budget bottom line."
Deputy Prime Minister Anthony Albanese said the three expert auditors, including
former public service chief Peter Shergold, Queensland auditor-general Len Scanlan and business economist Geoff Carmody, were not questioned and were just present this morning for a "photo op".
He stopped short of answering specific questions on foreign aid or increasing the efficiency dividend - measures Labor itself has used - as he had not seen the details.
But he singled out the Murray Darling cuts as "vicious".
Mr Albanese claimed the Coalition was cutting $8 billion from infrastructure.
"What we saw today was a farce," he said.
"They have hidden it. They have tried to sneak into office."
- <cite>News Limited Network </cite>
- September 05, 2013 2:53PM
TONY Abbott will slash foreign aid, public service and Murray Darling water buyback spending in the last major cuts revealed in his $40 billion savings plan. At a press conference in Melbourne this afternoon, shadow treasurer Joe Hockey and shadow finance minister Andrew Robb finally released the costings to cover $34 billion expenditure.
The savings plans include a $1.1 billion dividend from "stopping the boats" and $1.3 billion saving from cutting the debt interest bill.
But Labor has claimed the release showed "vicious cuts" and was a "farce" with no policy costings verified by Treasury or Finance officials and just a spreadsheet released.
Mr Hockey said the release made good on the Coalition's pledge to voters to release the costings and would improve the budget bottom line by $6 billion and cut debt by $16 billion over the forward estimates.
About $31.6 billion in savings were already known but today's main new cuts listed include:
*$4.5 billion cut from foreign aid.
*$650 million by "rephasing" Murray Darling Water Buyback Scheme funding over six years instead of four years
*$428 million through a further 0.25 per cent efficiency dividend on the public service which it flags will be from cutting advertising, consultancies and travel.
*$185 million from suspending connecting renewables to the grid plan until committed demand is identified.
*$200 million for not proceeding with further increase in the instant asset write-off for business to $10,000.
*$42 million from discontinuing the ACT pokie trial.
*$13 million from cutting Community Cabinet events.
*$45 million from reducing the former Department of Climate Change.
*$42 million from reducing National Low Emissions Coal Initiative.
Mr Hockey said its infrastructure agenda would be fully funded from the reprioritisation of existing budget resources and a reduction in the growth of the foreign aid budget.
He said the Coalition was committed to the Millennium Development goal of increasing foreign aid to 0.5 per cent of GNI but could not do so given the state of the budget.
"Today we confirm our pledge: A Coalition Government will encourage strong economic growth and live within its means," Mr Hockey said.
"As a result, Australians will have greater job security, reduced cost of living pressures and a Government with less debt and an improved budget bottom line."
Deputy Prime Minister Anthony Albanese said the three expert auditors, including
former public service chief Peter Shergold, Queensland auditor-general Len Scanlan and business economist Geoff Carmody, were not questioned and were just present this morning for a "photo op".
He stopped short of answering specific questions on foreign aid or increasing the efficiency dividend - measures Labor itself has used - as he had not seen the details.
But he singled out the Murray Darling cuts as "vicious".
Mr Albanese claimed the Coalition was cutting $8 billion from infrastructure.
"What we saw today was a farce," he said.
"They have hidden it. They have tried to sneak into office."
