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Labor’s policies would add $7.4 billion to the budget over the next four years.

The figures were announced today at a press conference by Shadow Treasurer Jim Chalmers and Shadow Finance Minister Katy Gallagher.

Gallagher described the $18.9 billion in new spending as “modest new investments”.

Shadow Treasurer Jim Chalmers.
Shadow Treasurer Jim Chalmers. (Getty)

She also forecast $11.5 billion in “budget improvements over the same time”.

“Our plan has deficits but declining in dollar terms and as a percentage of the economy every year,” she said.

“Spending as a percent of GDP declines in each and every year.”

She noted the “responsible investments” account for just 0.4 per cent of the budget.

“We have worked really hard to make sure that every dollar we have spent is delivering an outcome for the Australian people,” she said.

“Jobs, growth, lowering the cost of living, investing in local communities.”

Scott Morrison has slammed Labor for further growing the budget.
Scott Morrison has slammed Labor for further growing the budget. (Nine)

Chalmers was scathing of the Morrison government’s budgeting over the past few years.

“Whoever wins the election on Saturday will inherit high and rising inflation with interest rates rising as well,” he said.

“The worst real wages cut in more than 20 years. 

“$1 trillion in debt with almost nothing to show for it.”

The costings documented 13 savings measures.

“We actually have something to show for a budget that is heaving with Liberal and national debt,” Chalmers said.

“There is a budget repair task ahead of whoever wins the election.”

Anthony Albanese held his press conference before the costings were released.
Anthony Albanese held his press conference before the costings were released. (Alex Ellinghausen)

But a Labor government would not force profitable companies to pay back the money they received from JobKeeper.

Labor has heavily criticised companies who took JobKeeper funds even though they didn’t need it.

“We don’t intend to compel them to return that money to the taxpayer,” Chalmers said.

Labor leader Anthony Albanese was asked by reporters earlier today about why he held his press conference before the costings were released.

“Our policy costings are being released at exactly the same time as the Coalition, when in opposition, released their costings,” he said.

“At the same time, in the same timeframe, they’ll be released.”

Albanese said he stood by the policies.

Speaking in Sydney this afternoon, Morrison panned Labor’s costings.

“What we have always seen from the Labor Party is when they can’t manage money, they come after yours in higher taxes,” he said.

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“That is the risk of Labor.”

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