ABBOTT & HOCKEY’S BUDGET DISASTER

In his second Budget In Reply speech as Opposition Leader Tony Abbott proclaimed:

“People can be confident that spending, debt and taxes will be lower under a Coalition Government."

TONY ABBOTT - BUDGET IN REPLY - MAY 2011

When the Budget is handed down next week people can be confident of this: Australia’s debt and deficit will be higher under Tony Abbott and this Liberal Government.

In their first few months in office Tony Abbott and Joe Hockey doubled the deficit and made debt unlimited.

Between the Pre-Election Fiscal Outlook (PEFO) and the 2014 Mid-Year Economic and Fiscal Outlook (MYEFO) this Liberal Government added around $80 billion to Australia’s deficit and $200 billion to Australia's net debt.

The Liberals waited until eight months after the election to announce their policies in a budget that was deeply unfair and soundly rejected by the Australian people.

Tony Abbott promised to make things better – but he has made things so much worse.

The last Budget favoured those who needed help the least and hurt those who could least afford it. It was bad for Australian households and bad for the Australian economy.

Before the election Tony Abbott said:

“There will be an instantaneous adrenalin charge in our economy”

TONY ABBOTT - SPEECH - FEBRUARY 2013

Since the election consumer confidence has fallen 13 per cent, business confidence has been sluggish and unemployment has spiralled upwards.

Not only has Tony Abbott and the Liberal Government failed to support Australia's economy in the short term, they are failing to support Australia’s economy in the long term.

A credible medium-term approach to fiscal consolidation, rebuilding business and consumer confidence and a plan for jobs must be at the heart of next week’s Budget. 

Tony Abbott and Joe Hockey’s last Budget is still hurting the economy, it’s still hurting jobs and it's still hurting confidence by attacking families, pensioners and students.