However, Fairfax Media understands the 10-year figure will be released on Friday when Treasury Secretary John Fraser fronts a parliamentary committee – an admission timed to deny Mr Shorten the certainty needed to clarify his own budget reply figures.
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So, that would make our Prime Minister Malcolm Turnbull perhaps not so great, then.
But in the process Shorten has gained an invaluable $71bn ($16bn more from keeping the deficit levy on high income earners and another $6bn from reducing government loans for courses from dodgy training providers) to fend off attacks that his policies don’t add up.
The super changes will not start until July 1, 2017 and if the Coalition wins the election, it will need the support of the Greens.
Each leader accused the other of being out of touch with everyday people, and Mr Turnbull said Mr Shorten’s attacks were “class warfare” political tactics.
Treasurer Scott Morrison, presenting his rookie budget on Tuesday, faces the tough job of delivering a pro-growth, voter-friendly spending plan without any leeway to offer “big bang” reforms or significant tax giveaways.
Turnbull has hammered Opposition Leader Bill Shorten over big spending promises made by previous Labor governments that were not properly funded, making balancing the Budget harder for the coalition.
The budget forecasts higher taxes than at any time while Labor was in government.
Morrison should report the red ink matched forecasts at around A$37 billion (19.2 billion pounds) this financial year and allow him to offer the aspirational goal of small fiscal surpluses from 2021-22 onwards.
“Because that’s what a small business is”, he said. “In this Budget it only gets worse for Medicare and the Australians who rely upon it”. “But I can assure you there will be an election on the second of July”.
Individuals who earn the most will get a double tax cut – someone on $1m will get a $16,715 tax cut while three quarters of Australian taxpayers receive absolutely nothing.
The story The number Malcolm Turnbull wouldn’t reveal: company tax cut to cost billion over 10 years first appeared on The Sydney Morning Herald.
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But Mr Shorten said Labor in office would not grant the tax cuts in a move that will see its election war chest boosted by an estimated $45 billion even after allowing for a cut to 27.5 per cent for small enterprises with turnover of less than $2 million a year.
