•Labor has a fully costed budget plan over the forward estimates and medium term. •All of the policy costings have been fully assessed and reviewed by an independent costing panel. Mr  Chris  Bowen Shadow Treasurer Australian  Labor  PartyDear Chris,We have been engaged  by you  to examine  and assess the  Australian Labor Party’s federal election policy costings.The scope of our work was purely confined to an examination of the  costings and the  process by which they have been  prepared  by the Parliamentary Budget Office.All of  the  policy  costings in  Labor’s  Budget  Plan  have  been  submitted  to  the  panel and  have  been  fully assessed and reviewed.In assessing Labor’s  election policy costings, we have had  access to  all costings undertaken  by the Parliamentary Budget Office and  have assessed  all the calculation  methods used  to  cost Labor’s election  policy  commitments.We note that more than  half of the costings have capped  funding and  therefore present a high  degree of certainty. Where assumptions have been  made around  potential behavioural responses, we have relied  upon  the assessments of the Parliamentary Budget Office.To  this  end, we  note  that  these estimates, and medium term projections, are  subject to the  same  degree of uncertainty as that described in Commonwealth Budgets, whether they are  prepared by theParliamentary Budget  Office or the Treasury and  Finance Departments.We are satisfied  that the Parliamentary Budget Office has, in developing  its cost estimates and forecasts, applied  established  Budget standards and  practices.We are of the opinion  that:•The  policy  costing  process  has  been thorough  and  comprehensive•The  assumptions  which  underpin  Parliamentary  Budget  Office  costings are sound•All of  the costings in  Labor’s Budget Plan  are  of a  similar quality as Budget estimates generally, and therefore represent a reasonable basis  for assessing the net financial  impact on the Commonwealth  Budget.Yours  sincerelyProf Robert Officer, AM Dr  Michael Keating, AC  Mr  James  MacKenzieCostings panel biographiesProfessor Officer is one of Australia’s best known financial academics and public administrators. He has played a substantive role in advising governments and regulatory bodies on a range of issues associated with infrastructure assets as well as consulting to public, private and government organisations on a vast range of financial and policy issues. He is Emeritus Professor, University of Melbourne (Professor of Finance at Melbourne Business School from 1986 to 2002). He has held a Chair at Monash (1976-1986), Readership at the University of Queensland (1972-1976) and Visiting Professorships at the Universities of Stanford, Rochester and the Wharton School.He holds degrees in agriculture and agricultural economics from Australian universities and an MBA and PhD from the University of Chicago. An experienced Board member and Chairman, current and former roles include: •Chairman, Acorn Capital •Chairman, Victorian WorkCover Authority •Chairman, Victorian Commission of Audit •Chairman, Victorian Funds Management Corporation •Chairman, National Commission of Audit •Director, Transport Accident Commission of Victoria •Board member, Transurban •Board member, Bank of Melbourne •President and Life Member of the Accounting Association of Australia and New Zealand n Senior Fellow, Securities Institute of Australia. In 2003, Professor Officer was awarded the Centenary Medal for services to the public sector. In 2012, he was made a Member of the Order of Australia (AM) for service to business and education in the field of financial economic theory; as a leader of public and private sector institutions; as an adviser to government; and as an academic administrator.Dr Michael Keating, ACDr Keating is one of Australia’s most respected former senior public servants and leading economists. As Head of the Department of Prime Minister and Cabinet from 1991 to 1996 and the Department of Finance from 1986 to 1991, Dr Keating was at the forefront of some of Australia’s most significant economic reforms.He also served as Head of the Department of Employment and Industrial Relations from 1983 to 1986. Dr Keating has also had a highly successful academic career and was a Visiting Fellow in the Economics Program at the Australian National University from 1997 to 2007, and an Adjunct Professor at Griffith University from 1997 to 2001. He is currently again a Visiting Fellow at the Australian National University.A widely published author, Dr Keating’s research has focussed on the integration of social and economic policy, particularly as it relates to improving labour market outcomes; and the changing relationship between citizens and the state. Dr Keating’s other previous and current roles include:•Chairman of the Committee for Sustainable Retirement Incomes •Director, Insight Economics n Director of Australia Post n Director of Fujitsu Australia •Member of the Australian National University Council and its Finance Committee •Board member of Skills Australia, and the Australian Workforce and Productivity Agency•Member of the Economic Development Board of South Australia •Member of the Training and Skills Commission of South Australia n Chairman of the Independent Pricing and Regulatory Tribunal (NSW) •Chairman of the Community and Clinicians Expert Advisory Council for Health (NSW) In January 1990, Dr Keating was made an Officer of the Order of Australia (AO) in recognition of his public service, and in 1996 he was made a Companion of the Order of Australia (AC), for service to social, economic and public sector reform. In 2001 Dr Keating was awarded the Centenary Medal of Australia.Mr James MacKenzieMr James MacKenzie is an experienced Australian public company director. A Chartered Accountant by profession, Mr MacKenzie was a Partner in both the Melbourne and Hong Kong offices of an international accounting firm now part of Deloitte.Mr MacKenzie has served as a director of a number of public companies listed on both Australian and international stock exchanges. He was Co-Vice Chairman of Yancoal Australia Limited and Chairman of Mirvac Group; he also chaired Gloucester Coal Ltd and Pacific Brands Ltd.He has been a director of prominent Australian funds management companies Australian Prime Property Fund, Portfolio Partners Limited and the Victorian Funds Management Corporation. He was reappointed to the VFMC Board as Chairman in June 2015.Mr MacKenzie’s current roles include: •Chairman, Victorian Funds Management Corporation •President, Victorian Arts Centre Trust •Chairman, ShineWing Australia •Director, Maurice Blackburn Lawyers n Director, Melco Crown Entertainment Limited •Director, Building QueenslandMr MacKenzie has also served as CEO of the Transport Accident Commission; CEO of Norwich Union Australia; and Managing Director of Funds Management and Insurance at ANZ Bank. He is a Fellow of both the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors. In 2001, Mr MacKenzie was awarded the Centenary Medal for services to Public Administration.