2025 Election Commitments Report (ECR)

The 2025 ECR provides the budget impact of the election commitments made by the major parties in the 2025 general election, and the total combined impact of their policy platforms on the Australian Government budget.

Download full report (ECR) [1.28 MB]

Major party election commitments

Detailed financial tables, by party

Table 2-4: Financial implications of election commitments, medium-term, cash basis (% of GDP)

	2025-26	2026-27	2027-28	2028-29	2029-30	2030-31	2031-32	2032-33	2033-34	2034-35	2035-36
Receipts
Net impact of election commitments on receipts
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	-0.5	-0.3	0.1	0.1	0.1	..	-0.1	-0.3	-0.5	-0.7	-1.0
Greens	3.0	4.3	4.5	4.4	4.2	4.1	4.1	3.9	3.8	3.7	3.6
Final receipts
Labor	25.5	25.6	25.3	25.3	25.5	25.7	25.9	26.1	26.3	26.5	26.7
Coalition	25.1	25.3	25.4	25.5	25.6	25.8	25.8	25.8	25.8	25.8	25.8
Greens	28.6	29.9	29.9	29.7	29.7	29.9	30.0	30.0	30.2	30.2	30.4
PEFO	25.5	25.6	25.3	25.3	25.5	25.7	25.9	26.1	26.3	26.5	26.8
Payments (excluding PDI)
Net impact of election commitments on payments (excluding PDI)
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	0.2	0.1	0.1	0.1	0.2	..	..	-0.2	-0.3	-0.4	-0.4
Greens	-2.7	-4.3	-4.4	-4.6	-4.5	-4.5	-4.5	-4.6	-4.7	-4.8	-4.9
Final payments (excluding PDI)
Labor	-26.0	-25.8	-25.3	-25.3	-25.4	-25.2	-25.2	-25.3	-25.3	-25.3	-25.3
Coalition	-25.8	-25.7	-25.2	-25.2	-25.3	-25.2	-25.3	-25.5	-25.6	-25.7	-25.7
Greens	-28.8	-30.0	-29.7	-29.8	-30.0	-29.7	-29.7	-29.9	-30.0	-30.1	-30.2
PEFO	-26.0	-25.8	-25.3	-25.3	-25.5	-25.2	-25.2	-25.3	-25.3	-25.3	-25.4
Public debt interest (PDI)
Net impact of election commitments on PDI
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	..	..	..	..	0.1	0.1	0.1	0.1	0.1	..	..
Greens	..	-0.1	-0.1	-0.2	-0.2	-0.3	-0.3	-0.4	-0.5	-0.5	-0.6
Final PDI
Labor	-1.0	-1.0	-1.2	-1.2	-1.2	-1.4	-1.5	-1.6	-1.5	-1.5	-1.4
Coalition	-0.9	-1.0	-1.1	-1.1	-1.1	-1.4	-1.4	-1.5	-1.4	-1.4	-1.4
Greens	-1.0	-1.1	-1.3	-1.4	-1.4	-1.7	-1.9	-2.0	-2.0	-2.0	-2.1
PEFO	-1.0	-1.0	-1.2	-1.2	-1.2	-1.4	-1.5	-1.6	-1.5	-1.5	-1.4
Underlying cash balance (UCB)
Net impact of election commitments on the UCB
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	-0.2	-0.2	0.2	0.3	0.4	0.2	-0.1	-0.4	-0.7	-1.1	-1.3
Greens	0.3	..	..	-0.4	-0.5	-0.7	-0.8	-1.1	-1.3	-1.6	-1.9
Final UCB
Labor	-1.5	-1.2	-1.2	-1.1	-1.2	-0.9	-0.8	-0.8	-0.5	-0.3	..
Coalition	-1.7	-1.3	-0.9	-0.8	-0.8	-0.8	-0.9	-1.2	-1.3	-1.4	-1.4
Greens	-1.2	-1.2	-1.2	-1.5	-1.7	-1.6	-1.6	-1.9	-1.9	-1.9	-1.9
PEFO	-1.5	-1.2	-1.2	-1.1	-1.2	-0.9	-0.8	-0.8	-0.5	-0.3	..
Net cash flows from investments in financial assets for policy purposes
Net impact of election commitments on cash flows
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	0.1	0.1	0.1	0.1	0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.2
Greens	-1.6	-1.6	-1.4	-1.4	-1.2	-0.7	-0.5	-0.5	-0.5	-0.5	-0.5
Final cash flows
Labor	-0.8	-0.8	-0.7	-0.6	-0.4	-0.3	-0.3	-0.2	-0.2	-0.2	-0.2
Coalition	-0.7	-0.6	-0.5	-0.4	-0.3	-0.3	-0.3	-0.3	-0.3	-0.4	-0.4
Greens	-2.4	-2.4	-2.0	-2.0	-1.6	-1.0	-0.7	-0.7	-0.7	-0.7	-0.7
PEFO	-0.8	-0.8	-0.6	-0.6	-0.4	-0.3	-0.2	-0.2	-0.2	-0.2	-0.2
Headline cash balance (HCB)
Net impact of election commitments on HCB
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	-0.1	..	0.4	0.4	0.5	0.1	-0.2	-0.5	-0.9	-1.2	-1.5
Greens	-1.3	-1.6	-1.4	-1.8	-1.8	-1.3	-1.3	-1.6	-1.8	-2.1	-2.4
Final HCB
Labor	-2.3	-1.9	-1.8	-1.7	-1.6	-1.2	-1.1	-1.0	-0.7	-0.5	-0.2
Coalition	-2.3	-2.0	-1.4	-1.3	-1.1	-1.1	-1.3	-1.5	-1.6	-1.7	-1.8
Greens	-3.6	-3.6	-3.2	-3.5	-3.3	-2.5	-2.3	-2.6	-2.6	-2.6	-2.6
PEFO	-2.3	-1.9	-1.8	-1.7	-1.5	-1.2	-1.1	-1	-0.7	-0.5	-0.2

Source: 2025 PEFO and PBO analysis.
Note: A positive impact indicates an improvement in the cash balance. A negative impact indicates a deterioration in the cash balance. Figures may not sum to totals due to rounding.
.. Not zero but rounded to zero.

Table 2-5: Financial implications of election commitments, medium-term, accrual basis (% of GDP)

	2025-26	2026-27	2027-28	2028-29	2029-30	2030-31	2031-32	2032-33	2033-34	2034-35	2035-36
Revenue
Net impact of election commitments on revenue
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	-0.4	-0.2	0.1	0.1	0.1	-0.1	-0.3	-0.5	-0.7	-0.9	-1.1
Greens	3.7	4.4	4.6	4.3	4.2	4.2	4.0	3.9	3.8	3.7	3.6
Final revenue
Labor	26.1	26.2	25.9	26.0	26.1	26.3	26.5	26.7	27.0	27.2	27.4
Coalition	25.6	25.9	26.0	26.1	26.3	26.3	26.3	26.3	26.3	26.3	26.3
Greens	29.8	30.6	30.5	30.3	30.3	30.5	30.6	30.7	30.8	30.9	31.0
PEFO	26.1	26.2	25.9	26.0	26.1	26.3	26.5	26.8	27.0	27.2	27.4
Expenses (excluding PDI)
Net impact of election commitments on expenses (excluding PDI)
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	0.3	..	0.1	0.1	0.2	0.1	..	-0.1	-0.2	-0.4	-0.3
Greens	-4.1	-4.2	-4.3	-4.5	-4.5	-4.5	-4.4	-4.6	-4.6	-4.7	-4.8
Final expenses
Labor	-26.3	-25.9	-25.7	-25.6	-25.8	-25.5	-25.5	-25.6	-25.6	-25.5	-25.6
Coalition	-26.0	-25.9	-25.6	-25.5	-25.6	-25.5	-25.5	-25.7	-25.9	-26.0	-26.0
Greens	-30.4	-30.1	-30.1	-30.1	-30.3	-30.0	-30.0	-30.2	-30.2	-30.3	-30.4
PEFO	-26.2	-25.9	-25.7	-25.6	-25.8	-25.5	-25.5	-25.6	-25.6	-25.6	-25.6
Public debt interest (PDI)
Net impact of election commitments on PDI
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	..	..	..	0.1	0.1	0.1	0.1	0.1	0.1	..	..
Greens	..	-0.1	-0.2	-0.2	-0.2	-0.3	-0.4	-0.4	-0.5	-0.6	-0.6
Final PDI
Labor	-1.3	-1.3	-1.4	-1.5	-1.5	-1.8	-1.9	-2.0	-1.9	-1.8	-1.8
Coalition	-1.3	-1.3	-1.4	-1.4	-1.5	-1.7	-1.8	-1.9	-1.8	-1.8	-1.8
Greens	-1.4	-1.4	-1.6	-1.7	-1.8	-2.1	-2.2	-2.4	-2.3	-2.4	-2.4
PEFO	-1.3	-1.3	-1.4	-1.5	-1.5	-1.8	-1.9	-2.0	-1.9	-1.8	-1.8
Fiscal balance
Net impact of election commitments on the fiscal balance
Labor	..	..	..	..	..	..	..	..	..	..	..
Coalition	-0.1	-0.2	0.3	0.3	0.4	0.1	-0.2	-0.5	-0.9	-1.2	-1.5
Greens	-0.4	0.1	0.1	-0.4	-0.5	-0.6	-0.8	-1.1	-1.3	-1.6	-1.9
Final fiscal balance
Labor	-1.5	-1.1	-1.3	-1.1	-1.2	-1.0	-0.9	-0.8	-0.5	-0.2	0.1
Coalition	-1.7	-1.2	-1.0	-0.8	-0.8	-0.9	-1.1	-1.3	-1.4	-1.5	-1.4
Greens	-1.9	-1.0	-1.2	-1.5	-1.7	-1.6	-1.6	-1.9	-1.8	-1.8	-1.8
PEFO	-1.5	-1.1	-1.3	-1.1	-1.2	-1	-0.9	-0.8	-0.5	-0.2	..

Source: 2025 PEFO and PBO analysis.
Note: A positive impact indicates an improvement in the fiscal balance. A negative impact indicates a deterioration in the fiscal balance. Figures may not sum to totals due to rounding.
.. Not zero but rounded to zero.

Table 2-6: Financial implications of election commitments on gross and net debt by party, medium-term (% of GDP)

	2025-26	2026-27	2027-28	2028-29	2029-30	2030-31	2031-32	2032-33	2033-34	2034-35	2035-36
Gross debt
Net impact of election commitments on gross debt
Labor	..	..	..	0.1	0.1	0.1	0.1	0.1	0.1	..	..
Coalition	-0.5	-0.3	-0.7	-1.1	-1.5	-1.5	-1.2	-0.6	0.3	1.6	3.1
Greens	1.3	3.0	4.2	5.8	7.3	8.2	9.1	10.3	11.6	13.2	14.9
Final gross debt
Labor	35.5	36.5	36.9	36.9	37.0	36.8	36.3	35.5	34.5	33.2	31.9
Coalition	35.0	36.2	36.2	35.8	35.5	35.2	35.0	34.7	34.7	34.8	35.1
Greens	36.8	39.5	41.1	42.6	44.2	45.0	45.4	45.7	46.1	46.4	46.9
PEFO	35.5	36.5	36.9	36.8	37.0	36.7	36.3	35.4	34.4	33.2	31.9
Net debt
Net impact of election commitments on net debt
Labor	..	..	..	..	..	..	..	..	..	..	-0.1
Coalition	-0.3	-0.1	-0.4	-0.7	-1.1	-1.1	-0.9	-0.3	0.6	1.9	3.5
Greens	2.1	3.6	4.8	6.3	7.8	8.7	9.6	10.9	12.3	13.9	15.7
Final net debt
Labor	21.6	22.6	22.7	23.2	23.8	23.7	23.5	22.9	22.2	21.3	20.1
Coalition	21.3	22.5	22.2	22.4	22.7	22.6	22.6	22.6	22.9	23.2	23.6
Greens	23.6	26.2	27.4	29.5	31.6	32.4	33.1	33.8	34.5	35.2	35.9
PEFO	21.6	22.6	22.7	23.1	23.8	23.7	23.5	22.9	22.2	21.3	20.2

Source: 2025 PEFO and PBO analysis.
Note: A positive impact indicates an increase in debt levels. A negative impact indicates a reduction in debt levels. Figures may not sum to totals due to rounding.
.. Not zero but rounded to zero.