At a glance

 

The 2025 Election Commitments Report (ECR) presents the individual and combined budget impacts of the election commitments announced by each of the 3 major parties: the Australian Labor Party (Labor), the Coalition and the Australian Greens (the Greens). The independent member for Indi, Dr Helen Haines, also elected to be included in the report.

The report includes a summary of each party's platform and budget impacts of each election commitment, against the 2025 Pre‑election Economic and Fiscal Outlook (PEFO) baseline. Financial implications are estimated over the period to 2035‑36 (the medium term), and there is documentation for each commitment with a net non‑zero financial impact.

The Parliamentary Budget Officer determined 637 commitments met the criteria for inclusion in this report.[1] Of these, 622 commitments were by major parties (63 by Labor, 214 by the Coalition, and 345 by the Greens) and 15 by the independent member for Indi. 

Overall, Labor’s commitments would result in a slightly smaller underlying cash deficit by the end of the 2025‑26 Budget forward estimates (the forward estimates), the Coalition’s platform would result in a smaller underlying cash deficit, and the Greens’ platform would result in a larger underlying cash deficit, compared to PEFO.

By the end of the medium term Labor's platform would result in an improvement in the underlying cash balance consistent with the PEFO baseline, whilst the Coalition and Greens' platforms would decrease it relative to PEFO (Figure A‑1). 

The election commitments made by the independent member for Indi would result in larger deficits across the forward estimates and medium term relative to PEFO.

Figure A-1: Underlying cash balance, by party
Final level

Source: 2025 PEFO and PBO analysis.

 

The change in the underlying cash balance of the platforms for each major party is shown in Figure A‑2. If fully implemented:

  • Labor's platform would result in slightly smaller underlying cash deficits across the forward estimates and medium term compared to PEFO.
    • This impact is driven by a reduction in payments, partly offset by slightly lower receipts. The reduction in payments is mostly from general public services.
  • The Coalition's platform would result in smaller underlying cash deficits over the forward estimates, reversing to larger deficits by the end of the medium term, compared to PEFO.
    • This impact is driven by lower levels of payments and receipts over the forward estimates, with higher payments and lower receipts in the medium term, as defence spending ramps up. The increase in payments is only partially offset by reprioritised funding from general public services and economic affairs. Unspecified tax cuts related to the tax‑to‑GDP cap also decrease the underlying cash balance.
  • The Greens' platform would result in significantly larger underlying cash deficits across the forward estimates and medium term compared to PEFO.
    • This impact reflects an increase in receipts from major tax changes and a reprioritisation of funding from defence, that only partially offsets increases in payments for social protection, education, health and general public services.

Figure A-2: Impact of major party platforms on the underlying cash balance
Change in underlying cash balance level

Source: 2025 PEFO and PBO analysis.
Note: A positive impact indicates an improvement in the underlying cash balance. A negative impact indicates a deterioration in the underlying cash balance.

 

The overall impact of the platforms of all major parties on gross and net debt is shown in Figure A‑3. Overall, the Labor platform does not materially change the debt position relative to PEFO. The Coalition's platform improves the debt position over the forward estimates relative to PEFO (but with an increase in debt by the end of the medium term) and the Greens’ platform would increase the debt level considerably.

Figure A-3: Gross and net debt, by party
Final level

Source: 2025 PEFO and PBO analysis.

 

Further detail is provided in the report, along with summary tables of commitments and PBO costings of each commitment with a non‑zero financial impact that is included in the ECR.

For more information on this report see the Guide to the Election Commitments Report. For more information on how to interpret the underlying costings, and how to read Australian Government budget papers, see the introductory guides available at Guides to the Budget.

What is the Parliamentary Budget Office (PBO)?

The PBO was established in 2012 to inform the Parliament by providing independent and non-partisan analysis of the budget cycle, fiscal policy and the financial implications of proposals.

We do this in 3 main ways:

  • By responding to requests made by senators and members for costings of policy proposals or for analysis of matters relating to the budget. This includes analysis provided to parliamentary inquiries.
  • By publishing and presenting information to enhance the public understanding of budget and fiscal policy settings.
  • By publishing a report after every general election that provides transparency around the fiscal impact of the election commitments of major parties, and minor parties and independents that choose to be included.

Further information and an introduction to the PBO's services is available here: About the PBO.

 

[1] Election commitments included in the report must be public, specific, and have a material impact on the Australian Government budget. For more information see Appendix E – Report Requirements and Methodology.