The Coalition’s economic action plan
17/08/10
The top priority of a Coalition Government will be to restore Australia’s finances.
Despite inheriting a $20 billion surplus, no net debt and a government net worth position of $71 billion, Labor has delivered:
$80.6 billion of net debt in 2010-11 – $3,600 per person;
$4.2 billion of interest paid on net debt in 2010-11 – $187 for every Australian; and,
a Budget deficit of $40.7 billion in 2010-11 – the second biggest deficit since World War II – the biggest being last year’s $57.1 billion Labor deficit.
To fund its reckless spending, the Rudd-Gillard Government needs to borrow more than $100 million every day.
Our number one economic priority will be to get Labor’s debt under control as quickly as possible. A Coalition Government will end Labor’s reckless spending and waste.
Ending Labor’s waste and reckless spending will help restore the budget to surplus, enabling the Coalition to deliver lower, simpler, fairer taxes in our second term.
Proceeds from the sale of Medibank Private will go towards paying off Labor’s debt.
Through better economic management we will deliver savings over the forward estimates to tackle Labor’s debt. Our Debt Reduction Taskforce will manage this process.
The Coalition will immediately suspend payments under Labor’s wasteful ‘Building the Education Revolution’ programme and redirect this funding directly to school communities to ensure value for money.
We will establish an Office of Due Diligence to examine government spending proposals for their potential for waste and mismanagement before they begin and a Waste Action website to enable the Australian public to report waste and make suggestions for savings.
The Coalition will stop Labor’s higher taxes. We will remove the threat of the mining tax and the carbon tax.
The Coalition will cut company tax, providing targeted and economically responsible tax relief in our first term. We will also provide a clear medium-term pathway to further tax relief that can be delivered once Labor’s debt is under control.
We will introduce a number of productivity and participation enhancing policies to drive economic growth.
The Coalition will introduce a real Paid Parental Leave scheme – and important and necessary social and economic reform. A genuine Paid Parental Leave scheme that pays real wages over 26 weeks will boost workplace productivity by keeping some of our most productive workers more engaged in the workforce.
Small business will be supported through a range of initiatives to ensure that they continue to be able to create jobs as the engine room of the economy.
The Coalition will make sustainability the cornerstone of economic decision-making by reconstituting the Productivity Commission as the Productivity and Sustainability Commission.
We will implement our fully-costed direct action plan on the Environment and Climate Change and our water policy will provide sufficient water for the environment while preserving Australia’s capacity for food security.
The Coalition has the economic plan to end the waste, stop the big new taxes and restore Australia’s productivity, growth and finances.
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