6 years ago
LIBERALS HAVE ONLY THEMSELVES TO BLAME FOR NEW RECORD DEBT
JIM CHALMERS MP
New Government figures released today show debt has reached new record highs on the Liberals’ watch.
The latest Monthly Financial Statements for December shows net debt has reached a new record of $360 billion – well over double what the Liberals inherited – and new Australian Office of Financial Management numbers out today show gross debt has reached a new record of $540.8 billion on their watch.
Scott Morrison and his Liberals have no one to blame for themselves for their record and growing debt.
In the last year alone, the Liberals have blown $200 million on political ads to distract from their cuts and chaos and the division and dysfunction which has consumed their Government.
Australians want their taxes to fund hospitals and schools, not the shambolic Liberals’ attempts at political spin.
The record gross debt figure came after the Liberals today borrowed $400 million – a figure that will barely cover one month of tax return cheques the Government sends to shareholders who don’t pay any tax.
Every week, the Government spends $100 million on cash refunds for excess franking credits – an unsustainable tax loophole that the vast majority of Australians don’t access.
The Budget is in a mess and debt is at record highs because of the Liberals’ twisted priorities, including giving unsustainable tax breaks to those who need them least and spraying hundreds of millions of dollars around on political ads.
Labor will repair the Budget in a fair way by closing down unsustainable tax loopholes, while properly funding essential services like schools and hospitals.
The latest Monthly Financial Statements for December shows net debt has reached a new record of $360 billion – well over double what the Liberals inherited – and new Australian Office of Financial Management numbers out today show gross debt has reached a new record of $540.8 billion on their watch.
Scott Morrison and his Liberals have no one to blame for themselves for their record and growing debt.
In the last year alone, the Liberals have blown $200 million on political ads to distract from their cuts and chaos and the division and dysfunction which has consumed their Government.
Australians want their taxes to fund hospitals and schools, not the shambolic Liberals’ attempts at political spin.
The record gross debt figure came after the Liberals today borrowed $400 million – a figure that will barely cover one month of tax return cheques the Government sends to shareholders who don’t pay any tax.
Every week, the Government spends $100 million on cash refunds for excess franking credits – an unsustainable tax loophole that the vast majority of Australians don’t access.
The Budget is in a mess and debt is at record highs because of the Liberals’ twisted priorities, including giving unsustainable tax breaks to those who need them least and spraying hundreds of millions of dollars around on political ads.
Labor will repair the Budget in a fair way by closing down unsustainable tax loopholes, while properly funding essential services like schools and hospitals.