Shadow treasurer Joe Hockey says a Coalition government will make around $40 billion in savings, if it wins the federal election.
Mr Hockey and Coalition finance spokesman Andrew Robb have announced another $9 billion tranche of savings, on top of the $31 billion worth announced last week.
They’ve also announced $33 billion of proposed expenditure and say the budget bottom line would be improved by $6 billion under a Coalition government.
The Coalition has submitted about 200 policies to the Parliamentary Budget Office and says its figures have been assessed by three public finance experts.
These are Geoff Carmody, co-founder of Access Economics; Len Scanlan, a former Queensland auditor-general; and Professor Peter Shergold, a former secretary of the Department of Prime Minister and Cabinet.
The PBO found its plan to abolish the carbon tax would deliver a $1.1 billion contribution to the budget because of an associated surge in economic growth.
Mr Hockey and Mr Robb said the Coalition’s ‘‘prudent’’ economic plans would leave the budget better off and generate stronger growth.
‘‘We have been careful and methodical in our assessment of our savings and responsible and prudent in our spending promises,’’ they said.
A key part of the Coalition’s strategy is a major infrastructure package, involving almost $5 billion of additional funding over the forward estimates period on key projects.
‘‘Unlike Labor we have not shifted important projects well off into the never-never,’’ they said.
However, it wasn’t feasible to continue with the current rate of growth in Australia’s foreign aid budget.
A Coalition would cut this growth and instead index future increases to the consumer price index.
This would free up $4.5 billion, which would be allocated to other coalition priorities, including road projects.
As previously announced, the Coalition also plans to cut the company tax rate to 28.5 per cent, from 30 per cent.
It will also ditch Labor’s $1.8 billion changes to fringe-benefit tax arrangements on vehicles.
Mr Hockey also said he hoped Australia’s unemployment rate won’t reach 6.25 per cent, as forecast by Treasury, under the coalition’s strategy if it won government.
The ‘‘worst thing’’ a government could do was cause jobs losses.
‘‘We’ve got to do everything we can to arrest the increase in the unemployment rate,’’ he said, adding that improving growth would take the jobless rate down
Mr Hockey said a Coalition government would increase funding for health and education, despite what the Prime Minister said.
‘‘Kevin Rudd said cut, cut, cut. We are not cutting health, we are not cutting education, and we’re not cutting defence. As you can see our numbers are plainly there,’’ he said.
Asked whether an incoming Abbott government would have a mini-budget, Mr Hockey said: ‘‘If the Australian people endorse us on Saturday I’d say we will talk about that afterwards.’’
Mr Hockey said the coalition was looking for voters to ‘‘end the chaos in Canberra’’.
‘‘No more minority parties, no more waste, no more lies from Labor - the Labor party is broken and the Australian people have a chance on Saturday to reclaim their country.’’