With just four days until polls close, the Albanese government has unveiled its election costings, pledging $6.4 billion in new savings.
This will be achieved via slashing consultants, and bringing more work in-house to a bolstered public service, and also increasing student visa application fees from $1,600 to $2,000 on July 1.
This measure is expected to raise $760 million. Pacific Island and Timor-Leste primary applicants will retain existing arrangements.
Labor’s costed plan, titled Building Australia’s Future, outlines that consultant cuts alone will save $800 million in 2025–26, rising to $1.6 billion the following year, and $2 billion annually thereafter.
Labor’s plan for a 24/7 nationwide health advice and after-hours GP telehealth service, backed by Medicare, will cost $204.5 million over four years.
Labor said all election commitments had been costed by the Australian Public Service (APS).
“The budget is stronger at the end of the campaign than it was at the beginning,” said Treasurer Jim Chalmers.
The plan is estimated to improve the budget by an additional $1 billion compared to the 2025 Pre-Election Economic and Fiscal Outlook.
Finance Minister Katy Gallagher said the savings drive would not impact the quality of services or lead to job losses.
“We’ve managed in our first term to find about $5.3 billion in savings in those areas,” Gallagher said.
“So this is really a continuation of that effort and we have no doubt that we will be able to deliver those savings without impacting importantly on the services and the programs that the APS provides.”
Shadow Treasurer Angus Taylor criticised the government’s broader economic performance and highlighted the S&P ratings agency’s recent warning about Australia’s economic outlook.
“There is a better way. We can get the budget back on track. We can get the economy back on track. That’s what we stand for and that’s what we'll keep fighting for,” he said.
Labor has called on the Coalition to release its own costings, which it has promised to unveil later this week.
