04-August-2010
Portfolio Media Releases, The Economy, Community, Funding
The pressure is now on Wayne Swan to agree with Julia Gillard and admit the economic inheritance Labor received from the Coalition was the main reason Australia didn’t suffer like other countries during the global financial crisis.
Speaking on Australia’s economic position when the global financial crisis began, Julia Gillard last night told the 7:30 Report:
“I think we went into this with some natural advantages - that is true.”
Labor’s economic inheritance received courtesy of the Coalition included:
- Zero Net Debt
- A huge $20 billion budget surplus
- $60 billion in the Future Fund
- 4.5% unemployment (Nov. 2007 ABS)
Now that Julia Gillard has admitted it was the Coalition that placed Australia in such a good position to weather the global financial crisis, it’s time Wayne Swan did the same.
Instead of repeating the same old Labor lines, Wayne Swan should admit if it weren’t for the Coalition’s economic management, Australia would be suffering like other countries that had large debts when the global financial crisis struck.
Unfortunately in just three years Wayne Swan has blown the inheritance, and is borrowing $100 million each and every day to pay for his reckless spending.
Labor’s economic policies will deliver more debt, more taxes, more waste and more cost of living pressures for families.
A Coalition Government will stop the waste, repay the debt, stop the taxes, stop the boats and help families.
Media Contact: Sam Fairlie-Cuninghame 0438 285 780