THE HON JOE HOCKEY

Shadow Treasurer
THE HON ANDREW ROBB AO MP
Shadow Minister for Finance and Debt Reduction

JOINT MEDIA RELEASE

Monday, 11 October 2010

WONG’S COSTINGS ATTACK A SMOKE

SCREEN FOR LABOR INACTION
The Coalition rejects in the strongest possible terms inferences in the Fairfax media today
that we deliberately misrepresented the rigorous process surrounding the verification of our
election policy costings.

This is a semantic argument about the definition and use of the word audit; a media beat up.

The fact is all our policy costings, including the assumptions behind them, were thoroughly
examined by one of Australasia's leading accountancy firms, which confirmed "costed
commitments and savings have been accurately prepared in all material aspects".

The Coalition's costings were subjected to an unprecedented level of scrutiny for any
opposition.

Notwithstanding the politicisation of the election costings process, we absolutely stand by the
veracity of our costings as well as our strategy to dramatically reduce Labor’s debt.

It says it all that the first noises we have heard from Penny Wong as Finance Minister is her
attempts to score cheap and belated political points, like the Prime Minister has with
Afghanistan.

Ms Wong must focus on the big economic issues facing the Gillard Government:

 What reckless spending is being curtailed to take pressure off interest rates and our
record exchange rate level and to improve the competitiveness of tens-of-thousands
of our trade exposed companies?

 Where are the $2.4 billion in savings coming from to pay for Labor's new post-election
spending commitments?

 When will she come clean about the real level of revenue the mining tax will raise?

 Why did Labor so recklessly commit to a $43 billion NBN without a cost-benefit
analysis or business plan?

Media Contact: Cameron Hill on 0408 239 521