In his second Budget In Reply speech as Opposition Leader Tony Abbott said:
“People can be confident that spending, debt and taxes will be lower under a Coalition Government."
TONY ABBOTT - BUDGET IN REPLY - MAY 2011
Tony Abbott’s Budget has failed on the tests he has set for himself.
The Budget has more tax, more debt, more spending and higher unemployment.
Joe Hockey has doubled the deficit in one year – from $17.1 billion to $35.1 billion.
Joe Hockey is trying to hide behind revenue movements, but the truth is that the Budget shows that the Government is spending more than it saves in every year of the forward estimates, totally over $9 billion.
Tony Abbott has broken his promise for no new taxes - this Budget contains around 17 new taxes
The Government has broken its promise to save as much as it spends – spending initiatives are greater than actual savings
In the four years after the Global Financial Crisis Labor kept spending growth on average at 1.3 per cent.
Under the Coalition spending growth averages at 1.8 per cent over the forward estimates.
Under the Coalition, Australia’s net debt is $285.8 billion this year, the highest it’s been in Australia’s history.
Net debt under the Coalition continues to grow in nominal terms each and every year over the forward estimates.
Over the period Labor was in Government taxation receipts averaged 20.8% of GDP.
Under the Coalition today taxation receipts average 22.6% of GDP over the Budget forward estimates.
On all counts Tony Abbott and Joe Hockey have failed to competently manage Australia’s finances.
It’s clear this Budget is not about Australia’s future, this is a short-sighted attempt to save Tony Abbott’s and Joe Hockey’s jobs.