Malcolm Turnbull's election promises will boost the budget bottom line by $3 billion over the next four years, an independent report has confirmed.
However, the Parliamentary Budget Office's post-election analysis shows Labor's election promises would have blown a $19.6 billion hole in the forward estimates.
Conversely, the Greens' election pledges would have improved the fiscal balance by $8.1 billion.
The most significant boost will come from the coalition's government's social welfare crackdown announced during the election campaign.
The welfare checks are expected to improve the fiscal balance by $3.9 billion over four years.
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After 2019/20, when savings of $1.3 billion are expected, the benefit declines to nil after 2024.
The coalition's main spending promise was $2.1 billion for infrastructure and transport, which the PBO said would be funded through "redirections of uncommitted funds from existing infrastructure programs".
The introduction of indexation to the Medicare Benefits Schedule for diagnostic imaging services from 2020/21 would hit the bottom line by $600 million in 2026/27.
The PBO also said there would be "no net budget impact" from Deputy Prime Minister Barnaby Joyce's announcement of a new $4.5 billion Regional Investment Corporation, which brings together several farming-related loans programs, with costs to be met from existing funding.
Labor's election promises would have delivered a net increase in revenue of $13.9 billion, a net increase in spending of $33.2 billion and an extra $300 million in public debt, the report released on Friday showed.
The biggest commitments were $5.3 billion for extra schools funding and $6.9 billion to reverse cuts to family payments over four years.
Labor's promises were also "projected to significantly improve the budget balances" beyond the next four years.
This included not going ahead with company tax cuts, for a $14.2 billion budget improvement in 2026/27, and negative gearing/capital gains tax reforms which would have returned $7.7 billion.
