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Labor delivered five budget deficits totalling $191 billion and left additional projected deficits of $123 billion over the next four years.
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The budget is projected to be in deficit for the next 10 years, unless action is taken. This would mean 16 unbroken years of deficits – the longest stretch of deficits since World War 2.
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Labor presided over the fastest deterioration of our debt position in modern history. Australia is projected to have $667 billion of debt in 10 years, unless action is taken.
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There is now $13,500 of Government debt for every Australian man, woman and child. Unless action is taken, this will blow out to $24,500 in a decade.
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This year’s $12 billion debt interest bill is equivalent to half the Defence budget, around the same amount the government spends on aged care and more than it spends on universities.
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Labor's carbon tax was a $7.6 billion hit on the economy in its first year alone. Abolishing it would save the average household around $550 next year alone.
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After increasing by an average 0.7% per year during the Howard Government, productivity decreased by an average 0.7% per year under Labor.
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In six years of Labor, household health costs increased 35%, education costs increased 39%, gas prices increased 71%, water and sewerage prices increased 79% and electricity prices increased 101%.
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Labor’s failed border protection policies resulted in more than 50,000 illegal arrivals in more than 800 boats, causing a cost blow out of over $11 billion.
