Labor pledge to scrap the cashless debit card will save budget $286.5m over four years

The Parliamentary Budget Office says Labor’s most expensive election promises are cheaper childcare ($5.1bn over four years) and fixing aged care ($2.5bn). Photograph: Mick Tsikas/AAP

Labor’s commitment to scrap the cashless debit card will save $286.5m over four years, the Parliamentary Budget Office has revealed.

On Thursday the PBO released election costings showing that Labor’s policies would add $6.9bn to budget deficits over four years and a further $33.6bn would be spent in off-budget investments including for housing and the electricity grid.