The federal opposition would save $600 million in the deferral of water buybacks to help pay for the rebuilding of Queensland rather than introducing a flood levy, Opposition Leader Tony Abbott says.
The Opposition will oppose the Gillard government's proposed $1.8 billion flood levy as part of its $5.6 billion flood rebuilding package.
Instead it has identified a range of spending cuts that could offset the need for the taxpayer levy.
The Opposition would cut $500 million to the automotive industry, bringing the assistance back to the levels of the Howard government in 2007.
"It removes the additional assistance to the motor industry that the government has provided largely through the stimulus package," Mr Abbott told reporters in Canberra on Tuesday.
The Opposition would defer $400 million of aid assistance to Indonesia, subject to a review.
Prime Minister Julia Gillard last year announced she would extend a Howard government-era program to build schools across the Indonesian archipelago.
"We don't think that should have been done without a proper evaluation of the impact of the previous funding," Mr Abbott said.
The Opposition will defer $150 million from the Building Education Revolution program for two years.
"Given all the rebuilding and building that is taking place right around Australia at the moment, particularly in Queensland, we think it is reasonable," Mr Abbott said.
Mr Abbott said the opposition had specifically chosen to defer, rather than cut, spending amounting to $2.095 billion over the forward estimates period.
"We think water buybacks are important but they should be part of a considered plan and we don't yet have a considered plan," he said.
The Opposition did not want to "chisel" any school community which had not accepted a poor value BER offer from a state government.
"That's why we have deferred $150 million of BER funding," he said.
Mr Abbott said the Indonesian schools program could be reconsidered if it turned out to be something of high value.
"But with so many schools destroyed or damaged in Australia, we do think that charity begins at home."
It was important to prioritise Australian government spending appropriately, Mr Abbott said.
For water buybacks, about $1 billion remained in the "pot", Mr Abbott said.
"We're not saying that there can be no buybacks whatsoever in the next couple of years."
It was too early to tell whether further cuts would be considered if the damage bill from the floods and Cyclone Yasi exceeded what had been forecast, Mr Abbott said.
Mr Abbott said there had been a "rigorous discussion" over cutting foreign aid to Africa.
Deputy Opposition Leader Julie Bishop reportedly opposed the cut, a position that prevailed in a shadow cabinet meeting earlier on Tuesday.
"We had a very vigorous discussion around the shadow cabinet. You'd expect that," Mr Abbott said, adding they were not "yes men and yes women".
"But we went through an appropriate process and we decided that this was the best, and most appropriately prioritised list of savings that we could come up with."
Opposition Treasury Spokesman Joe Hockey said the flagged savings would come on top of the $50 billion worth of cuts the opposition announced during the 2010 election campaign.
He denied the savings would apply further pressure to the budget.
"This is actually real money, and is part of what we commit to as an opposition.
"We are laying down a detailed plan that no opposition has ever had the guts to do."
Mr Abbott said there had been a "rigorous discussion" over cutting foreign aid to Africa.
Deputy opposition leader Julie Bishop reportedly opposed the cut, a position that prevailed in a shadow cabinet meeting earlier on Tuesday.
"We had a very vigorous discussion around the shadow cabinet. You'd expect that," Mr Abbott said, adding they were not "yes men and yes women".
"But we went through an appropriate process and we decided that this was the best, and most appropriately prioritised list of savings that we could come up with."
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