This year’s Budget delivers more debt, more deficits, more taxes, more broken promises and more uncertainty said Ross Vasta Member for Bonner.
“At a time when Australians are desperately seeking stable and competent economic management, the Budget just delivers more chaos, debt and spin”, said Ross Vasta.
“For Bonner families, this Budget does nothing to help deal with cost of living pressures, economic uncertainty and poor services.
“Labor has again broken its word to the people of Bonner. They promised no carbon tax and a surplus. Instead we got a carbon tax, record deficits and in this Budget, Labor scrapped tax cuts, family payments and the baby bonus.
“Wayne Swan said this Budget was about “jobs and growth” but the Budget actually forecasts an increase in unemployment (up to 5.75%) and lower growth (down to 2.75%).
This Budget means less jobs and slower growth.
Ross Vasta said key areas of concern in the Budget include:
– total gross debt to breach the $300 billion debt ceiling in coming years;
– no credible path back to surplus;
– at least a $4.7 billion blowout in the management of Australia’s borders since
last year’s Budget;
– new borrowings of $49 million every single day, and
– more than $25 billion in higher taxes over the next four years – with 99% of
these new taxes starting after the next election.
“Families and businesses have to live within their means, but this government doesn’t.
Over the last 5 years, the Gillard Government has spent $191 billion more than it has raised.
“Only the Coalition has the Plan, experience and discipline to return the Budget to sustainable surpluses, reduce debt and provide real support to Australian families to help them get ahead again.
Ross Vasta said Tony Abbott’s Budget Reply to be delivered on Thursday night would provide more details of the Coalition’s Real Solutions Plan that will build a strong, prosperous economy and a safe, secure Australia.