SKIP TO MAIN CONTENT

Wong attacks coalition's costings

Finance Minister Penny Wong has accused the opposition of junking the charter of budget honesty after it released its budget savings.

1 min read

Published

Updated

Source: AAP


Skip to article content

Finance Minister Penny Wong has accused the coalition of dirty tricks on budget costings by using much rosier accrual figures, rather than cash balances.

Shadow treasurer Joe Hockey released interim costings for the coalition's election promises on Wednesday, identifying $31.6 billion of savings over the next four years.

Mr Hockey told reporters the coalition will provide cash figures where appropriate in its final numbers.

"We've taken an accrual approach, there are swings and roundabouts," he said.

But Senator Wong seized on Mr Hockey's reliance on accrual figures, saying it made their figures look "much rosier than they actually are".

News that makes sense

Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

"The difference between cash and accrual bottom lines across the forward estimates is $16.6 billion," Senator Wong said.

"Were federal Labor to use an accrual bottom line, it would be in surplus a year earlier, in 2015/16."

She said it was "a truly remarkable" departure from the rules established by former Liberal treasurer Peter Costello.

"What this means is that Australians will never truly know the state of the budget under a coalition government."


Get SBS News straight to your inbox

Sign up now for daily news from Australia and around the world. You can also subscribe to Insight's weekly newsletter for in-depth features and first-person stories.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Follow SBS News

Download our apps

Listen to our podcasts

Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS

SBS World News

Take a global view with Australia's most comprehensive world news service

Stream now

Watch the latest news videos from Australia and across the world