Via the AFR:
Labor will pledge to use the majority of the potential $220 billion in extra taxes it plans to raise over the next decade to pay down debt when Shadow treasurer Chris Bowen responds to the federal budget today.
In his budget reply to be delivered to the National Press Club on Wednesday, Mr Bowen will argue that the relatively thin surpluses forecast over the medium term in last week’s federal budget will leave the economy exposed to a global downturn or other external shock.