At a time of great uncertainty, this is a bad Budget for Australia.
Wayne Swan tonight confirmed that Labor’s Budget and financial management is in complete chaos.
Wayne Swan says this Budget is about “jobs and growth” – yet the Budget actually delivers higher unemployment (up to 5.75%) and lower growth (down to 2.75%).
It delivers more debt, more deficits, more taxes, more broken promises and more uncertainty from a government that has given up and can’t be trusted.
And the Budget does nothing to help Australian families deal with cost of living pressures, economic uncertainty and poor services.
The chaos of this Budget will result in:
Labor has a spending problem, not a revenue problem. Over the last 5 years, Labor has spent $192 billion more than it has raised, despite revenue having grown significantly under Labor - in 2013-14 it is projected to be $80 billion higher than at the end of the Howard Government.
The Budget delivers more than $25 billion in higher taxes over the next four years – 99% of which will hit Australians after the next election.
After six years of chaos, debt and spin, Australians are desperately seeking stable and competent economic management.
Only the Coalition has the Plan, experience and discipline to return the Budget to sustainable surpluses, reduce debt and provide real support to Australian families to help them get ahead again.
Only the Coalition can build a strong, prosperous economy and a safe, secure Australia and restore the hope, reward and opportunity all Australians deserve.
Click here to read my full Budget statement.
Regards,
Joe Hockey
Shadow Treasurer
Wayne Swan tonight confirmed that Labor’s Budget and financial management is in complete chaos.
Wayne Swan says this Budget is about “jobs and growth” – yet the Budget actually delivers higher unemployment (up to 5.75%) and lower growth (down to 2.75%).
It delivers more debt, more deficits, more taxes, more broken promises and more uncertainty from a government that has given up and can’t be trusted.
And the Budget does nothing to help Australian families deal with cost of living pressures, economic uncertainty and poor services.
The chaos of this Budget will result in:
- total gross debt to breach the $300 billion debt ceiling within the forward estimates;
- Labor’s fifth record deficit in five years and at least two more deficits to come;
- no credible path back to surplus;
- more broken promises such as scrapped tax cuts, baby bonus and family payments;
- at least a $4.7 billion blowout in the management of Australia’s borders since last year’s Budget; and
- more than $25 billion in higher taxes over the next four years.
Labor has a spending problem, not a revenue problem. Over the last 5 years, Labor has spent $192 billion more than it has raised, despite revenue having grown significantly under Labor - in 2013-14 it is projected to be $80 billion higher than at the end of the Howard Government.
The Budget delivers more than $25 billion in higher taxes over the next four years – 99% of which will hit Australians after the next election.
After six years of chaos, debt and spin, Australians are desperately seeking stable and competent economic management.
Only the Coalition has the Plan, experience and discipline to return the Budget to sustainable surpluses, reduce debt and provide real support to Australian families to help them get ahead again.
Only the Coalition can build a strong, prosperous economy and a safe, secure Australia and restore the hope, reward and opportunity all Australians deserve.
Click here to read my full Budget statement.
Regards,
Joe Hockey
Shadow Treasurer
- Don’t forget to listen on Thursday night to Tony Abbott’s Budget Reply Speech.
