Labor’s budget rolls out the pre-election pork

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Labor handed down the ultimate pre-election pork-barreling budget, promising workers two more rounds of tax cuts and increasing expenditure in what will be the largest budget deficit since the pandemic.

Major announcements included: a $17.1 billion package of income tax cuts (over five years); an $8.4 billion boost to Medicare; a $1.8 billion extension of the existing energy rebate scheme; a 20% cut to student debts; and several billion dollars in grants for state rail and highway projects.

Labor has flung electoral bribes at voters with the sole aim of wedging the Coalition and securing another three years in office.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.