The Coalition will deliver strong economic management by ensuring Australia’s resource wealth works for Australians.
The Coalition will establish two nation building funds within the Future Fund to manage windfall revenue responsibly.
The two funds will be seeded from 80 per cent of any positive windfall receipts variations each year.
Our Future Generations Fund and Regional Australia Future Fund will lock in the benefits of windfall and use it to help to pay down debt, invest in nation building initiatives, and drive growth in the regions.
Labor has blown almost $400 billion in extra revenue and still racked up $1.2 trillion in debt, driving up inflation and extending their cost-of-living crisis for Australians.
The Coalition will put an end to Labor’s waste and ensure future windfalls go towards:
- Lower debt to ease pressure on inflation and interest rates
- Nation building infrastructure and economic reform to boost investment and productivity
- Stronger regional economies to create jobs and opportunities outside big cities
Unlike Labor’s big spending funds, these funds will be financed on an ongoing basis by real windfall revenue instead of new debt, bolstering the federal balance sheet and reducing net debt.
Shadow Treasurer Angus Taylor said in uncertain economic times, this commitment will prepare Australia for future economic shocks and set the path for budget repair.
“Labor has wasted the windfall and delivered higher debt, higher taxes, and higher spending.
“The Coalition will deliver a stronger budget for a stronger Australia. This is a demonstration of our solid commitment to good budget management and creates much needed budget transparency, while building a stronger and safer Australia for future generations,” Mr Taylor said.
Shadow Finance Minister Jane Hume said this policy builds on the Coalition’s record of establishing the Future Fund.
“The Future Fund has contributed greatly to the sustainability of Australia’s public finances and reduced the intergenerational burden of government debt.
“The Howard Government’s decision to establish the Future Fund in 2006 was a farsighted decision from an effective and responsible Coalition Government.
“This builds on the Coalition’s record of strong economic management and will strengthen Australia’s economic resilience today in the interests of future generations of Australians,” Senator Hume said.
Leader of The Nationals David Littleproud said a Coalition Government will preserve a portion of commodity windfall receipts towards the establishment of Regional Australia Future Fund to grow this Fund to $20 billion.
“This is about putting regional people first and leaving a legacy for future generations,” Mr Littleproud said.
“Once established the Fund will invest a fair share of the profits created through the hard work of regional Australians back into the regions. It means we don’t have to fight for funding shortfalls to provide infrastructure in regional areas.
“The Fund will deliver secure and sustainable long-term funding into tackling challenges that hold back regional communities and invest in building the long-term economic foundations of regional Australia to address future challenges.”
The Coalition will get Australia back on track—so when businesses thrive, Australian families benefit too.