Three months ago Bill Shorten vowed to campaign for the schoolkids bonus "every day up to the next election".
On Thursday, the Labor leader dumped that promise.
Up until then the ALP website was running an online petition calling for the bonus to be restored once it's phased out from July.
"Obviously this is a difficult decision," Mr Shorten told reporters in Darwin as he avoided specific reference to the bonus itself.
What it means is that no matter who wins government on July 2, eligible parents won't be getting up to $856 a year for each of their school-age children.
The last half-yearly payment will be made in July.
It also means Labor has made a $4.5 billion saving to its budget costings in a bid to blunt a vicious government attack on its "black hole".
The government, unsurprisingly, jumped on Labor's backdown noting the opposition had voted against abolition of the bonus 11 times in parliament.
"It was designed to drive up their support knowing full well that when they were called to account that they would have to walk away as they appear to have done," Treasurer Scott Morrison told reporters in Canberra.
He also took a dig at the online petition which has gone missing from the ALP website.
"Today it's vanished. It's no longer there," Mr Morrison said.
Mr Shorten sought to blame the coalition for Labor's decision, citing a tripling of the budget deficit and the threat to Australia's triple-A credit rating.
"The most recent set of independent budgetary numbers has revealed a very tough financial situation, brought about by Liberal incompetence, Liberal mismanagement," he said.
Mr Morrison dismissed that argument.
"Clearly, not even Bill Shorten can tell the Australian people how big Labor's budget black hole is. He doesn't know," he said.
WHAT PARENTS ARE LOSING:
* Twice-yearly payments of $215 for each child in primary school.
* Twice-yearly payments $428 for each child in secondary school.
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