Leaders head south and west as Labor and the Liberals talk up competing tax plans. All the day’s events, live

Just as a refresher, Danielle Wood from the Grattan Institute told the Australian Financial Review on Tuesday:

Under the projected 23.6 per cent figure spending would need to be around $40 billion lower in 2029-30 than it would be if we assumed that spending stayed at 24.9 per cent of GDP – where it currently sits and the average over the two terms of the Coalition government,” she told the Financial Review.

“The budget would have to go back into deficit from 2024-25 to pay for those tax cuts, especially when we know the cost pressures from the ageing population are rising.”

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This how the exchange between Kieran Gilbert and Mathias Cormann over the Grattan Institute analysis played out.

KG: You say it is a Labor lie, this is Grattan Institute analysis and it looks at your record as well and the average of spending under your government, nearly six years in duration now, and says ‘well, if you project out over 10 years, your assumptions over spending levels are heroic’. It is not a Labor line, this is from the independent Grattan Institute economist.

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