Labor releases budget plans

Key points:

• Labor to bank nearly $3 billion from the Coalition's superannuation changes
• Labor says it would to balance budget at the same time as the Coalition, in 2020-2010
• Treasurer says Labor's plan is a threat to Australia's AAA credit rating

Labor will save $430 million over four years by placing a $5,000 cap on the amount individuals can claim for the cost of managing their tax affairs and removing the Private Health Insurance Rebate from so-called "junk policies", or those that only cover public hospital treatment.

Speaking after Labor's second campaign launch in Brisbane, Shadow Treasurer Chris Bowen said Labor had listened to the advice of medical and consumer groups which had been calling on the Government to either scrap the rebate or ban junk policies. 

"These are policies in which the beneficiary —the policy holder — receives no benefit," he said.

"It simply insures people for public hospital access they already get as citizens, but enables the Medicare surcharge to be avoided."

Releasing Labor's final election costings and promises, Mr Bowen said Labor would deliver a further $10.5 billion in savings over the next decade, bringing its total budget improvements to more than $130 billion.

But buried inside its Fiscal Plan was the revelation the party would bank the $2.9 billion in savings from the Coalition's superannuation changes, while not necessarily adopting the policy.

"Labor would consult with stakeholders and take a broader examination of all these measures on coming to government," the document states.

Coalition accused of having 'zombie measures'

Labor has confirmed it will return the budget to balance at the same time as the Coalition, in 2020-21, but its deficits would be deeper for the first four years.