Labor says the federal government is refining its budget numbers as economic circumstances change, but the Opposition has called into question the government’s economic credibility.

A $500 million hole in the budget has been revealed today.

It was meant to be raised from penalties handed to companies doing the wrong thing.

But the Opposition has seized on new data from Treasury showing the measure will only raise $63 million over the next four years.

“It is embarrassing, and I have looked at the tables I have looked at the extracts from the costings, and it absolutely is a $500 million black hole in their cost of living policies,” Deputy Opposition Leader Sussan Ley said on Brisbane Live.

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