Australians are now borrowing $100 million every day and are paying $100 million every week to fund Labor’s debt fuelled wasteful spending spree, the Government’s Mid Year Economic and Fiscal Outlook (MYEFO) has confirmed today.
Wyatt Roy, Federal Member for Longman said the government’s mini budget today confirmed that the European crisis is impacting Australia and that Labor’s record of debt and deficit has removed the economic buffer that Australia needs to protect it from international turmoil.
Mr Roy said that the Government’s Mid Year Economic and Fiscal Outlook (MYEFO) has confirmed that in only four years, Labor has turned $70 billion in the bank into $136 billion in debt.
“Now is not the time to introduce a carbon tax and a mining tax,” said Mr Roy.
“The carbon tax and the mining tax will cost jobs, slow growth, hurt exports and increase the deficit all during a time when the world economic positioning was worsening.
“The best thing the government can do to protect Australia from a worsening world economy is to drop the carbon tax and the mining tax. Tony Abbott has made it crystal clear – the Coalition has opposed these taxes in opposition and if elected, we would rescind them in government.”
“Wayne Swan has been good at promising surpluses, but not at delivering them.
“Labor talks about delivering surpluses but the record shows they have not produced a surplus in 22 years, since 1989-90.
“By every measure, Labor has taken a reckless approach to economic management over the last four years and that is not going to change in the coming year.
“Responsible economic management is not in Labor’s DNA.
Mr Roy said only the Coalition will return stability, certainty and competency back to government.
“MYEFO is proof that Labor can’t be trusted when it comes to sound economic management.”
