Labor's two new savings measures

LABOR SAYS TWO NEW SAVINGS MEASURES WILL IMPROVE THE BUDGET BOTTOM LINE OVER THE NEXT DECADE. HERE ARE THE DETAILS:

TAX RETURN EXPENSES

* $5000 cap on deduction people can claim for the cost of managing tax affairs

* Starts July 1, 2017

* Affects about 40,000 people, mostly high income earners and those with complex affairs

* Average claim on accountant fees now is $366

* Doesn't apply to small business with turnover less than $2 million

* Saves $295 million over four years and $1.7 billion to 2026/27

PRIVATE HEALTH INSURANCE

* Remove private health insurance rebate from policies that only cover public hospital treatment

* Saves $135.1 million over four years and $384 million to 2026/27