18-August-2010
Portfolio Media Releases, The Economy, Community, Funding
The Coalition today announced that it will cut Labor’s massive $90 billion debt by more than a third within four years.
Under Labor, net debt is forecast to peak at $89.5 billion in 2012-13.
The Coalition will reduce the debt by $30.2 billion by 2013-14, a reduction of 35 per cent.
The Coalition has the courage and commitment to draw a line in the sand and stop Labor’s reckless spending and waste.
In the process we will deliver more substantial surpluses and pay off debt quicker.
Over the Budget forward estimates the Coalition will improve the Budget bottom line by $11.5 billion compared to Labor.
In 2012-13 Labor forecasts a Budget surplus of $3.5 billion, whereas the Coalition will deliver a surplus of $6.2 billion. In 2013-14 the Coalition will deliver a surplus of $7.3 billion compared to Labor’s forecast of just $4.5 billion.
As part of this strategy we have today released a comprehensive list of all Coalition election spending initiatives which total $38 billion. These have been off-set by unprecedented savings measures totalling $49 billion, which the Coalition has progressively announced over recent months.
All Coalition policy costings and the assumptions behind them have been independently verified by Australasia’s fifth largest accounting firm WHK Horwath.
The Coalition has demonstrated that there is a better way than Labor’s tax, spend and borrow approach.
The “hard choices” and “unpopular cutbacks” promised by Julia Gillard in her “economic” speech at the National Press Club last month have not materialised.
Labor will continue to borrow $100 million a day to continue its reckless spending and has not revealed any credible plan to tackle the debt.
The Coalition is prepared to take the tough decisions to end Labor’s reckless spending and borrowing and will deliver quality programs which will guarantee taxpayers get value for money.
Media Contacts: Lisa Chikarovski on 0428 407 475 (Hockey) and Cameron Hill on 0408 239 521 (Robb)