Labor's plan for economic growth

LABOR'S 10-YEAR PLAN FOR THE ECONOMY

WHAT THEY SAY ABOUT IT

"This will be our guiding principles not just for this election but for Australia in 2025, a brighter, more prosperous destination."

- Opposition Leader Bill Shorten

"We'll stand behind it, talk about it, answer questions on it. Mr Turnbull is clearly embarrassed by this."

- Shadow treasurer Chris Bowen.

"What Labor has is a glossy brochure, that's all they have, another pamphlet, another glossy pamphlet which set out a list of promises, a list of complaints, no way to pay for them and no demonstration as to how they are going to drive the economic growth that we need."

- Prime Minister Malcolm Turnbull.

BUDGET REPAIR

* Match the coalition's 2021 target for a balanced budget, but with bigger deficits between now and then.

* Saving more than spending over the decade.

TAX

* Supporting tax cut to 27.5 per cent for small businesses with turnover up to $2 million.

EDUCATION AND TRAINING

* Target of 95 per cent year 12 completion, by 2020.

* All students to study maths or science to year 12, by 2020.

* Return Australia to top five countries in reading, maths and science, by 2025.

* Wipe debt of 100,000 science technology engineering and maths degrees.

INFRASTRUCTURE

* Building Australia through roads, rail and NBN, including $10b infrastructure facility.

* Give Infrastructure Australia greater powers.

* $10 billion financing facility to kick-start public investment in projects such as Brisbane Cross River Rail, Melbourne Metro and Badgery's Creek Airport Link.

RENEWABLE ENERGY

* Ensure 50 per cent of nation's electricity is sourced from renewable energy by 2030.

INNOVATION

* Supporting innovation and startups, including $500m smart investment fund.

* Deliver tax relief to angel investors.

MANUFACTURING

* $59 million to the manufacturing transition jobs boost package.

* Maximise the use of Australian steel in infrastructure and other government projects.

(Source: ALP)