Tony’s Budget Emergency

Opposition Leader Tony Abbott has delivered a campaign-style budget reply speech, outlining some of the cuts a Coalition government would make while pledging to keep existing compensation measures associated with the carbon tax.

Mr Abbott said he wanted to “directly address you, the Australian people” and pledged that if the Coalition wins the September 14 election, “there will be no nasty surprises and there’ll be no lame excuses”.

In a broader and more detailed speech than the usual Opposition budget reply, Mr Abbott listed savings measures he said added up to $5 billion a year.

He announced that a Coalition government would defer the increase to compulsory superannuation and abolish boosted payments to the unemployed, students and parents.

They would help fund the tax cuts and welfare payment increases brought in to compensate for the carbon tax – a tax Mr Abbott has pledged to axe.

“The Coalition won’t shirk the hard decisions needed to get the budget back into surplus,” Mr Abbott said.

“Living within your means is not mindless austerity – it’s simple prudence.”

In response, the Government slammed what it called “savage cuts” targeting those who could least afford them.

“Tony Abbott confirmed tonight the people he would hit, the people Liberals always hit, is working Australians,” Finance Minister Penny Wong said.

“He gave you a sneak peek tonight, but he’ll keep the rest of his cuts secret from Australians till after the election.”

Senator Wong said the delay to superannuation increases was taking “an axe to the superannuation savings of 8.4 million Australians”.

Tony’s Budget Emergency, Read more here

Use the TT NEWS Dropdown (top nav bar) for breaking news/comment on tonight’s Budget. And, if the urge takes you, unleash in Comments …

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• The Australia Institute: Swan leaves us confused … and Abbott adds to the confusion: HERE and HERE