Labor's plan for budget savings detailed

WHERE LABOR PLANS TO CUT AND SAVE

ALREADY ANNOUNCED

* Cracking down on the tax multinationals avoid - raising $5.9 billion over a decade.

* Not proceeding with the government's emissions reduction fund - raising $453 million over four years.

* Negative gearing changes - raising $37 billion over a decade.

* Foregoing tax cuts for businesses with more than $2 million in turnover - raising $4.4 billion over four years and $50 billion over a decade.

* Retaining the budget repair levy on high-income earners - raising $4.2 billion over four years and $19 billion over a decade.

* Capping vocational education loans to $8000 - raising $380 million over four years and $7.9 billion over a decade.

NEW SAVINGS

* From July 1, 2017, the private health insurance rebate will not be available for natural therapies. ($704 million over a decade)

* Freeze on private health insurance rebates for a further five years. ($2.3 billion)

* Reduce the family tax benefit A supplement by 50 per cent for families with an income of more than $100,000. ($2.1 billion)

* Halve money spent on the New Colombo Plan. ($262 million)

* End Jobactive program and childcare subsidy advertising campaigns. ($30 million)

* Halve uncommitted funding for the National Water Infrastructure Development Fund. ($235.2 million)

* Use confiscated money from proceeds of crime laws. ($220.7 million)

* Lift value of the penalty unit from $180 to $210 for federal fines and setting the regular rise rate at male earnings not CPI. ($538 million)

* Hike federal court filing fees for publicly listed companies. ($67.2 million)

* Abolish DFAT's Innovation Xchange. ($433.6 million)

* Overhaul Industry Growth Centres. ($496.4 million)

THE SO-CALLED ZOMBIE CUTS FROM THE 2014 BUDGET

* Support reduction in research and development tax incentive - raising $2.8 billion.

* Back reducing the repayment for HELP student loans from $54,126 to $50,638 - raising $129 million.

* Indexing funding for higher education - raising $3.7 billion.

BUDGET IMPACT

* New savings total $920 million over four years and $6.1 billion over a decade.

* Net impact, including continued opposition to coalition savings measures, is $8.9 billion over four years, $105 billion over a decade.

WHAT THEY SAID

"It is most important that over the next four and 10 years we start the action to fundamentally reduce the level of government debt in this country."

- Labor leader Bill Shorten.

"We will make sure that we have a fiscally responsible policy in place for Australians but we don't think it's a choice between being fiscally responsible and investing in our schools."

- Shadow treasurer Chris Bowen.

"They're wanting to simply keep them on the books as zombie measures to deceive the public about the true state of the budget."

- Opposition finance spokesman Tony Burke on government savings measures.

(Source: ALP)