Andrew Leigh (Fenner, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

I appreciate your guidance, Deputy Speaker Andrews. The Parliamentary Budget Office's integrity will show, at the next election, the total cost of policies put forward by both sides—including political advertising—including Labor's reforms to ensure that we no longer spend $100 million on cash refunds for excess franking credits. The Parliamentary Budget Office has costed our policies, and the Parliamentary Budget Office's figures ensure that Labor will go to the next election offering more generous personal income tax cuts for anyone earning under $125,000, we will pay down debt faster than the coalition over four years and over 10, and we will invest more in schools and hospitals. These are policies costed by the Parliamentary Budget Office in the independent and authoritative way that they are able to do.

We'll support the bill. We established the Parliamentary Budget Office. We're proud of the institution it has become, and we believe it is appropriate that it have a little more time post the election to prepare that report and to consider, in particular, the medium-term financial impacts of policies prepared by the major parties. I commend the bill to the House.

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