09-February-2012
Portfolio Media Releases
Penny Wong is gaining an unenviable reputation for her dishonest verballing, distortions and use of half quotes in misrepresenting the Coalition.
“Penny Wong was caught out last week half-quoting Tony Abbott and yesterday at the press club she was out verballing me about our high exchange rate,” Shadow Finance Minister Andrew Robb said.
Senator Wong said: “When you have the person who would like my job saying that the government is responsible for the high dollar, we really are in a ridiculous place.”
“At no point have I claimed that Labor, despite its profligacy and record levels of debt and deficit, is solely responsible for the high dollar,” Mr Robb said.
“I have observed, however, that Labor’s $167 billion of budget deficits in four years and net debt of $133 billion means interest rates are higher than they need to be. And while a number of factors influence the dollar it is hardly a controversial proposition that a major fiscal expansion also leads to a higher exchange rate.
“Under this government we have seen one of the most rapid fiscal expansions in history as evidenced by the fact Labor is now spending almost $100 billion more per year compared to when it came to office in 2007-08 and it is still spending stimulus four years after the GFC,” Mr Robb said.