Nationals – Coalition attacks Labor’s debt and delivers bigger surpluses

Coalition attacks Labor’s debt and delivers bigger surpluses
18-August-2010

The Coalition today announced that it will cut Labor’s massive $90 billion debt by
more than a third within four years.
Under Labor, net debt is forecast to peak at $89.5 billion in 2012-13.
The Coalition will reduce the debt by $30.2 billion by 2013-14, a reduction of 35 per
cent.
The Coalition has the courage and commitment to draw a line in the sand and stop
Labor’s reckless spending and waste.
In the process we will deliver more substantial surpluses and pay off debt quicker.
Over the Budget forward estimates the Coalition will improve the Budget bottom line
by $11.5 billion compared to Labor.
In 2012-13 Labor forecasts a Budget surplus of $3.5 billion, whereas the Coalition
will deliver a surplus of $6.2 billion. In 2013-14 the Coalition will deliver a surplus of
$7.3 billion compared to Labor’s forecast of just $4.5 billion.
As part of this strategy we have today released a comprehensive list of all Coalition
election spending initiatives which total $38 billion. These have been off-set by
unprecedented savings measures totalling $49 billion, which the Coalition has
progressively announced over recent months.
All Coalition policy costings and the assumptions behind them have been
independently verified by Australasia’s fifth largest accounting firm WHK Horwath.
The Coalition has demonstrated that there is a better way than Labor’s tax, spend
and borrow approach.

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