Portfolio Media Releases

LABOR CRASHES THROUGH PREVIOUS DEBT LIMIT TOPPING QUARTER OF A TRILLION DOLLARS

Article Categories: Portfolio Media Releases

Joint Media Statement: Andrew Robb and Joe Hockey

The Gillard Government has driven up Australia’s credit card to a record $256.4 billion according to latest Australian Office of Financial Management (AOFM) figures.

The previous debt ceiling of $250 billion was raised by Labor to $300 billion in the May budget further confirming its inability to curb its debt addiction.

According to PIMCO, the world’s largest bond investor, Australia’s second largest export in 2011-12 was not coal, but Australian Commonwealth Government Bonds –  Labor’s record debt.

You never hear this shameful statistic from Wayne Swan or Penny Wong because it’s at complete odds with their nonsense about belt tightening and returning the budget to surplus.

Funding Labor’s record debt is “a capital tidal wave” according to PIMCO and has contributed to the persistently high Australian dollar.

Wayne Swan previously said of increasing the debt ceiling to $300 billion, “very simply, this is no big deal”. (ABC Radio National 9 May 2012)

Mr Swan’s attitude and ignorance are breathtaking considering interest payments alone on Labor’s gross debt is $12 billion this year – the cost of 12 world class hospitals.

Given its track record there is no doubt debt will continue to rise while the Gillard government remains in office with its $120 billion budget black hole of unfunded promises.

Media Contacts:

Tony Ritchie (Mr Hockey) on 0407 002 704 or
Cameron Hill (Mr Robb) on 0408 239 521.