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Shorten slams budget accounting trick

AAP logoAAP 22/12/2016

Bill Shorten has accused the Turnbull government of using an accounting trick to improve the budget bottom line.

The government is projecting to bring the budget into surplus by 2021 and on Friday reports emerged, this will be achieved by reclassifying earnings from the Future Fund.

"This is another accounting trick from a government who's lost control of its budget." Mr Shorten told reporters in Melbourne.

Former treasurer Peter Costello introduced the fund in 2006 to cover the unfunded superannuation liabilities of public servants.

Mr Shorten said if the government was serious about locking in Australia's triple-A credit rating it should drop the proposal for a $50 billion tax cut to large corporations and also reform negative gearing.

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