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Opposition Leader, Hon. Bill Shorten MP, outlined $71 billion in savings over the next 10 years in his budget reply speech delivered last night.

With an election due to be officially called this weekend, Mr Shorten used this opportunity to:

  • Reject the Coalition Governments enterprise tax cuts and superannuation reforms;
  • Propose to keep the 2 per cent temporary deficit repair levy on people earning more than $180,000; and
  • Unveil a $6 billion, 10 year spending cut by putting an $8,000 per year cap on loans for students studying at private colleges.

Among Mr Shorten’s Budget Commitments were:

  • A 50 per cent renewable energy by 2030;
  • Legislation to keep Medicare in public hands within the first 100 days of an election;
  • $10 billion infrastructure loan fund for urban public transport projects;
  • Quarantine a reduction in company tax to 25 per cent to small businesses with turnover of $2million or less;
  • $37.3 billion for schools while clamping down on private education subsidies;
  • Capping vocational education loans at $8,000 per student which will save an estimated $6 billion over the next decade;
  • A recommitment to end negative gearing on existing investment properties from July 2017; and
  • Legislate same-sex marriage in the first 100 days of an election win. 

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