The federal coalition has promised budget savings of $46 billion if it wins government but failed to detail its cuts before treasury spokesman Joe Hockey gave his national reply to the budget.
In his official reply to the budget last week, Opposition Leader Tony Abbott promised Mr Hockey would outline the savings in his speech to the National Press Club on Wednesday.
But during his address, Mr Hockey indicated finance spokesman Andrew Robb would detail the savings - and only after the speech was over.
The speech - designed to boost coalition stocks after Mr Abbott's gaffe about telling the truth on Monday - failed to win over its audience. And it's unlikely to give the coalition the momentum it needs to successfully challenge the government's economic credentials.
The 30-minute speech canvassed values but was short on specifics about an Abbott government economic policy.
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Mr Hockey confirmed the coalition would undertake a major review of the Trade Practices Act, aimed at boosting the nation's productivity.
A coalition government would also undertake a national audit of capital stock, with a particular focus on upgrading existing infrastructure rather than building new facilities.
That would include multi-use sporting facilities through to shared utility infrastructure. "I believe we can significantly improve the productivity of existing capital stock without the need to build everything new for ribbon-cutting ceremonies by politicians," Mr Hockey said.
Details of both the infrastructure audit and the TPA review would be released at some time in the future.
The coalition also will set up a new Productivity and Sustainability Commission, which will give the government advice on sustainable levels of population in the short, medium and long term. It will be based on considerations such as the environment and infrastructure.
"Economic growth can be achieved in such a way that it does not involve the depletion of non renewable resources," Mr Hockey said.
Mr Hockey promised hard decisions from the coalition to get the budget back into the black.
He signalled it would have savings of $46.7 billion over four years, coming from both recurrent and capital expenditure.
The detail was released after the speech in a separate document.
"There are hard decisions there," Mr Hockey said. "Returning the budget to surplus will require tough decisions, but making tough decisions is a necessary part of good government."
According to the coalition document, the savings are made up of $24.7 billion from recurrent spending and $22 billion of one-off capital savings to pay down debt - from the sale of Medibank Private and cancelling the national broadband network.
Much of the coalition's savings plan would come from cutting Rudd government expenditure. It will abolish the 50 per cent discount on savings interest income, saving $950 million.
As flagged, the coalition will bin the mining super profits tax, meaning it will dump a cut in the company tax rate and other measures linked to it. The company tax rate cuts will save $2.3 billion.
Mr Robb said the coalition rejected Labor's tax and spend approach for managing the economy. "The massive savings plan is just the beginning," he said in a statement.
"Further savings will be announced ahead of the election to demonstrate how Australia's financial accounts can return to the black, without resorting to major new taxes which strangle growth."
