In an attempt to pile on the pressure on the Liberals to release their own budget bottomline, the Treasurer has now released the full costs and new savings measures.

Despite a frenzy of spending, the Treasurer insisted that Labor had ended the election with a better budget position.

“The costings that we released today show that we will more than offset our election campaign commitments in every year of the forward estimates,‘’ he said.

“We will finish this election campaign with the budget in a stronger position than at the start of the election campaign.”

The costings were released as global credit rating agency S&P warned the Albanese Government’s focus on spending on “off budget” items risks Australia’s credit rating.

The Albanese government plans to spend almost $85bn “off-budget” including the Whyalla steelworks.

However, the Treasurer insisted the budget bottomline was still better off.

“Because our election commitments are offset in each year over the forward estimates, the underlying cash balance position is slightly better in all four years and cumulatively more than $1 billion stronger than the 2025 Pre-Election Economic and Fiscal Outlook‘’ he said.

“It is long past time for Peter Dutton to do the same thing – to come clean on his cuts – because he can’t find the $600 billion he needs to pay for his nuclear reactors without coming after Medicare again, like he did when he was the Health Minister in the Abbott government.”

New savings measures

Labor’s final election costings include two new additional savings.

The first is $6.4 billion in spending cuts from further reducing spending on consultants, contractors and labour hire.

They will also target non-wage expenses like travel, hospitality and property, continuing similar measures committed in previous budgets.

Separately, they will raise $760 million from increasing the visa application charge for primary student visa applicants to $2,000 from 1 July 2025.

The fee is currently $1600.

On April 6, Peter Dutton also set out the Coalition’s mission to raise the student visa application charge to AUD$2,500.

He also proposed an eye-watering AUD$5,000 for students at the Group of Eight universities.

The arrangements for Pacific Island and Timor-Leste primary applicants will remain the same.

‘Volatile leader’

Lashing the Liberal leader as “a volatile leader”, the Treasurer said Peter Dutton represented an “unacceptable risk.”

“In these uncertain times, now is the worst time to risk a Dutton-led Coalition Government that would make Australians worse off,‘’ he said.

“Dutton has run out of dodgy distractions to cover up his secret costs and savage cuts. He should come clean and release the Coalition’s final costings.

“A Dutton-led Coalition Government will mean higher income taxes, lower wages, higher energy prices, a return to a budget full of rorts and waste and savage cuts to health, education and housing.”

The Treasurer said that the Budget position has improved by more than $207 billion over the seven years to 2028‑29 and is better in every year over the forward estimates.

“Debt is $177 billion lower this year, which will help us avoid around $60 billion in interest repayments over the decade,‘’ he said.

“We have identified over $100 billion in savings and reprioritisations, including new savings announced today.”

The Treasurer said that the average unemployment rate under the Albanese Labor Government is the lowest of any Government in 50 years.

“Real wages and living standards were going badly backwards at the time of the last election but are now growing again,” he said.

“We’ll continue to help ease pressure on Australians with tax cuts, energy rebates, higher wages, strengthening Medicare and cheaper medicines at the same time as we repair the budget and Build Australia’s Future.

In contrast, the Treasurer said that Mr Dutton had made more than $60 billion of spending commitments and that’s before you get to his $600 billion nuclear scheme, yet he won’t say what essential services will be cut to pay for all of it.

“The Government released a full budget that was validated in PEFO, we have been upfront about the financial impact of our policies, and we have now released comprehensive election costings,” Mr Chalmers said.