Labor delivered five budget deficits totalling $191 billion and left additional projected deficits of $123 billion over the next four years.
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.
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.
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.
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.
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.
After increasing by an average 0.7% per year during the Howard Government, productivity decreased by an average 0.7% per year under Labor.
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%.
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.
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After six years of chaos, Labor left Australia with a broken budget, a damaged economy and a serious mess to fix.
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Authorised by Brian Loughnane for the Liberal Party, Cnr of Blackall and Macquarie Sts, Barton ACT 2600.