Thursday, July 11, 2013

Mr Rudd, you are wrong. Debt and Deficits matter

Today Kevin Rudd addressed the National Press Club and had the opportunity to set out specific policies to improve the economy and strengthen our borders. Instead, Kevin Rudd used the occasion to argue that debt and deficits don’t matter. The Coalition fundamentally disagrees with Mr Rudd: Debt and deficits do matter. They matter for the nation. They matter for Australian families with a mortgage and trying to balance their household budgets in the face of cost of living pressures. They matter because having the Budget under control is the secure foundation to building a strong economy. It’s time to remind Kevin Rudd of the facts about Labor’s record of debt and deficits: *

Fact: The increase in debt under Labor’s first five years has been the fastest, both in dollar terms and as a share of GDP, since at least 1970, when records in modern budget papers began. *

 Fact: It was under Kevin Rudd that Australia recorded its biggest budget deficit, both in dollar terms and as a share of GDP, since at least 1970. *

Fact: Australians are paying over $8 billion a year in net interest payments on Labor’s debt. *

Fact: When Kevin Rudd assumed office, there was money in the bank because the Howard Government had run 10 surpluses. Kevin Rudd demonstrated today that he does not have an economic plan for Australia. He has no answers to the cost of living pressures felt by families and no plan to help small businesses grow and create jobs. In contrast, the Coalition’s Real Solutions Plan (

details how we will help families, get the Budget under control and repay debt. We have a Plan for a strong, prosperous economy and a safe, secure Australia. We discovered today that Labor is offering the Australian people three more years like the last five – simply more debt, more deficits, a bigger carbon tax and no plan for the future. Mr Rudd is still all talk.

 Yours sincerely,

 Joe Hockey
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