06/2008
6 February 2008
Finance and Deregulation Minister Lindsay Tanner today announced an initial round of new savings measures, a move designed to lead the fight against inflation.
The savings will result in a $643 million reduction in government spending over the next four years including $243 million in 2007-08.
We have made it clear we will do all we can to put maximum downward pressure on inflation.
We want to do all we can to help ease the burden on working families under pressure from rising costs and interest rates.
The Government has inherited a serious inflation problem from our predecessors - and it has fallen to us to deal with it.
We need to make tough decisions and make smart investments to put maximum downward pressure on inflation in the Australian economy.
These $643 million savings are an initial and modest down-payment on those that will be announced on Budget night.
Prior to the last election the former government made a substantial number of new spending commitments which have yet to be legislated. Funding for these would have been required to be included in appropriation bills to be tabled in Parliament next week.
The Prime Minister recently outlined his five point plan to fight inflation which aims to:
A full list of measures affected by this announcement [PDF - 14KB]
| Media Contacts: |
Website: |
| Minister Tanner - George Wright - 0419 556 616 | www.financeminister.gov.au |
