Coalition plans to scrap housing and energy funds to fund tax cuts and boost federal budget by $31 billion
The proposed cuts would save $31 billion for the Federal Budget, intended to finance income tax cuts.
These savings will not reduce the underlying deficit but will improve the headline cash balance.
Future funding
The coalition aims to eliminate several funding programs, including the Australian Renewable Energy Agency, the Housing Australia Future Fund, and the National Reconstruction Fund.
Taylor claims the budget would benefit by $22 billion from 2028-29 to 2031-32 by making these cuts.
He criticized Labor’s approach towards climate and housing, stating it has not delivered results.
The costings provided by the coalition do not account for their proposed tax cuts and spending promises.
Additional revenue is expected from slashing the tobacco excise and restricting welfare access for non-citizens.
The coalition plans to implement caps on taxes and spending through a refreshed Charter of Budget Honesty.
They have also announced the discontinuation of Labor’s Help-to-Buy and Build-to-Rent schemes.
Shadow treasurer Tim Wilson emphasized the need for economic confidence, particularly for small businesses.
Treasurer Jim Chalmers has expressed concerns over how the opposition will fund its $110 billion in commitments.
He argued that the government has identified more savings than its predecessors. The coalition continues to oppose various measures proposed by the government.
