Education Minister Christopher Pyne today joined a growing number of Liberal Ministers peddling an economic fantasy.

During an interview on the Today show Mr Pyne said:

“Well the Intergenerational Report Lisa showed that we’ve halved the debt and deficit projection that would have occurred if Labor had stayed in office."


It’s clear Australia’s Education Minister needs some additional classes in economic literacy.

There is no graph in the Intergenerational Report that represents the state of the Budget under Labor.

The Intergenerational Report states:

The scenario ‘previous policy’ shows fiscal projections associated with the set of policies in place prior to the 2014-15 Budget.

This includes decisions made by Joe Hockey in the 2013-14 Mid-year Economic and Fiscal Outlook.

In the 2013-14 MYEFO Joe Hockey doubled the deficit, adding $68 billion.

In the 2013-14 MYEFO Joe Hockey made an $8.8 billion payment to the Reserve Bank of Australia.

The 2013-14 MYEFO was the beginning of the Government’s economic incompetence and mismanagement which has seen Australia’s deficit blow out by $80 billion since the election.

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

Australia’s net debt is $244.8 billion. Net debt is higher now than what it was when the Liberals won office and the highest dollar figure on record it’s been in Australia’s history.

The Pre-election Economic and Fiscal Outlook represents the true state of Labor's books as independently verified by the public service under Peter Costello’s Charter of Budget Honesty, not the IGR.

The Abbott Government’s dishonesty and incompetence is still hurting Australia.

The last Budget was a disaster for the Australian people and the Australian economy, with cost of living up, unemployment up and confidence down.

This Budget is all about saving Tony Abbott’s job - not about doing what’s right for the future.

Tony Burke