14-July-2010
Portfolio Media Releases, The Economy
Today we have seen dodgy figures, used to explain a dodgy tax, delivered via a dodgy deal.
Treasurer Wayne Swan’s unprecedented release of revised Budget and economic forecasts is an admission of economic and financial ineptness.
This statement comes barely two months after the May Budget, and only two weeks into the financial year.
This is an emergency mini-budget to solve a political emergency and it fails.
It is no more than another attempted political fix, designed to get the Gillard Government through an election.
Today’s release reveals the gross dishonesty in the Government’s assertion that the new MRRT deal would only cost the budget $1.5bn in revenue.
Treasurer Swan has now admitted that the changes to the tax reduce estimated revenue by $7.5bn. He then nets this against a $6bn increase in resource revenues arising from a massive upgrade to commodity price forecasts.
The MRRT deal was a political fix involving a huge back down by a panicked and desperate Government. The original RSPT was a bad tax and the new hastily conceived MRRT is a bad tax.
The massive debt and deficit remains largely unchanged, the reckless spending will continue unabated and the forecast of a surplus is still simply not believable.
This latest exercise in manipulation shows again the true colours of this deceitful Government. Only a Coalition Government can restore stability and financial integrity.
Media contacts: Lisa Chikarovski on 0428 407 475 (Joe Hockey) or Cameron Hill on 0408 239 521 (Andrew Robb)