The labor policy costs to add $7.4 billion to the budget

Labor policies would add $7.4 billion to the budget over the next four years.

The figures were announced today at a press conference by Shadow Treasurer Jim Chalmers and Shadow Finance Minister Katy Gallagher.

Gallagher described the $18.9 billion in new spending as “modest new investment”.

The shadow treasurer, Jim Chalmers.
The shadow treasurer, Jim Chalmers. (Getty)

It also forecast $11.5 billion in “budget improvements over the same time.”

“Our plan has shortfalls but it is declining in dollar terms and as a percentage of the economy each year,” he said.

“Spending as a percentage of GDP decreases every year.”

He noted that “responsible investment” represents only 0.4 percent of the budget.

“We have worked very hard to ensure that every dollar we have spent delivers a result for the Australian people,” he said.

“Jobs, growth, lowering the cost of living, investing in local communities.”

Scott Morrison has criticized Labor for further increasing the budget.
Scott Morrison has criticized Labor for further increasing the budget. (Nine)

Chalmers has been scathing about the Morrison government’s budget in recent years.

“Whoever wins the election on Saturday will inherit high and rising inflation with rising interest rates as well,” he said.

“The worst cut in real wages in more than 20 years.

“$1 Trillion in Debt with Almost Nothing to Show”.

The costs documented 13 saving measures.

“In fact, we have something to show for a budget that is loaded with liberal and national debt,” Chalmers said.

“There is a budget repair task ahead of whoever wins the elections.”

Anthony Albanese held his news conference before the costs were released.
Anthony Albanese held his news conference before the costs were released. (Alex Ellinghausen)

But a Labor government would not force profitable companies to pay back the money they received from JobKeeper.

Labor has been harshly critical of companies that took funding from JobKeeper even though they didn’t need it.

“We do not intend to force them to return that money to taxpayers,” Chalmers said.

Labor leader Anthony Albanese was asked by reporters today why he held his news conference before the costs were released.

“The costs of our policies are published at exactly the same time that the Coalition, when it was in opposition, published its costs,” he said.

“At the same time, in the same period, they will be released.”

Albanese said he supported the policies.

Speaking in Sydney this afternoon, Morrison criticized Labor’s costs.

“What we’ve always seen in the Labor Party is that when they can’t manage the money, they go after it with higher taxes,” he said.

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“That’s the risk of the Job.”

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