Budget to be reassessed by Treasury officials
THE assumptions in Treasurer Scott Morrison's fortnight-old budget will be tested by the end of this week, with Treasury to release its final budget update before the election.
While economic changes are unlikely to change much from the budget forecasts, the pre-election fiscal and economic outlook will detail changes made since then.
Those include the loss of at least $40 million from the six-month delay to the "backpacker tax", as well as a $5 a tonne drop in the iron ore price since the budget earlier this month.
But the release of the update is set to intensify the battle over both major parties' policy costings, with Finance Minister Mathias Cormann saying it is a test for Labor to show exactly how much their plans will affect government coffers.
Last week, Shadow treasurer Chris Bowen said the Opposition's costings would be released before the election, but did not give a date.
The update is drawn up separate from the incumbent Treasurer's office as part of former treasurer Peter Costello's Charter of Budget Honesty.