Victorian Labor releases details on how it will fund election promises

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Nine News: Victorian Labor releases details on how it will fund election promises. November 27, 2014

Two days out from the state election, the Victorian Labor Party has released its policy costings, unveiling plans to abolish taxpayer-funded political advertising.

Victorian Labor has released its policy costings with less than two days to go until polls officially open across the state, with a pledge to cut political advertising and axe infrastructure projects.

The opposition would slash $153 million from political advertising over the next four years, with health and safety advertising receiving an exemption.

The East West Link and Melbourne Rail Link would be dropped, providing $3 billion in savings.

The costings did not include a figure for tearing up East West Link contracts, which would reportedly cost $1.1 billion in compensation.

Shadow Treasurer Tim Pallas said there was a contingency available in case compensation needed to be paid.

“We wanted to be very clear to the Victorian people, we’ve provided for the most extreme circumstances,” Mr Pallas said.

Who do you trust to manage Victoria’s economy?

Labor has been criticised by the Coalition for not releasing the figures sooner, despite it being a move both sides have made in the past while in opposition.

Victorian Labor’s financial statement has been scrutinised by Professor Bob Officer AM, who has also previously overseen costings released by former Prime Minister John Howard and former Victorian Premier Jeff Kennett.

“Where there was any ambiguity in the costing assumptions a conservative bias was adopted,” Professor Officer said.

Labor is also promising no new taxes and no increase in direct debt.

Mr Pallas said he was proud to be part of a government that had delivered 11 consecutive budget surpluses and maintained Victoria’s AAA credit rating.

“I am proud to deliver this financial statement, which will produce further surpluses, maintain a AAA credit rating and create more jobs for Victorians,” he said.

The costings statement predicted a $1.09 billion surplus in 2014/15, $2.2 billion in 2015/16, $2.6 billion in 2016/17, and $2.9 billion in 2017/18.

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