13-May-2009
Goldstein Media Releases, The Economy
The 2009 Federal Budget is a blow to Bayside residents delivering this nation’s biggest ever debt and deficit, forcing Australians to work longer and harder before retirement, pay more for their health care needs and sees the number of unemployed reach one million.
“This Budget reveals the high price all Australians will pay for Labor’s reckless spending spree over the past 18 months,” Andrew Robb, Federal Member for Goldstein, said today.
“One million unemployed, a record $58 billion deficit, and record net debt of at least $188 billion by 2012-13 are all key markers of the failure of the Rudd Government’s economic management.
“This massive debt accrued by the Rudd Government represents $9,000 for every man, woman and child in Bayside and the country with an annual interest bill of $500 for every person.
“Since the November 2007 election, Labor has announced measures which have increased Commonwealth spending by $124 billion. That is an average of $225 million of new spending per day.
“Labor pretends the destruction of our nation’s balance sheet is an unavoidable consequence of the global recession. But Labor has lost control of the nation’s finances. Mr Rudd and Mr Swan have failed to deliver a credible plan for recovery,” Mr Robb said.
The Private Health Insurance Rebate will also be progressively reduced for singles earning above $75,000 and couples earning above $150,000.
“Labor has once again taken a cricket bat to private health insurance as thousands of Bayside residents will be forced to pay a lot more for their health care needs in the middle of an economic downturn. This is a clear breach of an election promise,” Mr Robb said.
The Rudd Government has also slashed the superannuation co-contribution scheme by a third, which bolsters the retirement savings of low and middle income earners. Low and middle income earners will now receive $1 instead of $1.50 for every $1 contributed. This disincentive to contribute to super is accompanied by a halving of the concessional limit on voluntary contributions.
“In yet another election promise Labor has made superannuation less affordable and attractive for millions of Australians, including many on modest incomes, yet is also raising the pension age from 65 to 67. All these changes will force Australians to work longer and harder before their retirements.
“In summary, the 2009-10 Budget is a classic tax-and-spend Labor exercise, but on a far more reckless scale than ever seen before. The Australian people will pay a high price, in terms of higher future taxes, higher future real interest rates, higher future foreign debt and higher unemployment,” Mr Robb said.
Media contact: Skye Buttenshaw, 9557 4644