PBO report shows Liberal’s ‘economic vandalism’

A report released by the Parliamentary Budget office, which showed that the projected national deficit between 2015-16 and 2018-19 will be $14.9bn worse than expected,  outlines exactly why Liberals are an ongoing danger to the economy in Australia.

“The Liberals are economic vandals. They cut support to struggling Australians and gut community services all while giving tax cuts to the wealthy and handing cash to their mates in big business. The outrageous thing is that they do all of this while destroying the budget bottom line,” the Greens’ Finance spokesperson, Senator Sarah Hanson-Young said.

“The greatest lie ever told to the Australian people is that the Liberals are good economic managers. All we need to do it look at the facts.

“Former Treasurer Peter Costello wasted the mining boom on tax cuts for the rich and left nothing in the coffers for the inevitable downturn that was to follow. Talk about intergenerational theft, our children will be paying for that economic carelessness for decades to come.”

The majority of the “deterioration” between 2015-16 and 2018-19 is due to large falls in projected revenue, the PBO report shows.

“The Liberals are once again slashing revenue and overseeing a deterioration of the Budget bottom line. They think money just grows on trees apparently, because they refuse to raise the revenue that’s required to run the country.

“The Greens plan to phase out Negative Gearing and the Capital Gains Tax discount, on the other hand, would raise $14.426 billion over the forward estimates and a total of $117.3 billion over the next ten years. Other measures, like ending fossil fuel subsidies to the big mining companies and making the superannuation system fairer, would bring in billions of dollars of much needed revenue.

“The Abbott/Turnbull government has been spending like a drunken sailor, giving tax cuts to the wealthiest Australians and trying to hand $50 billion over to big business. They’re ideologically opposed to fairness and are wholly incompetent when it comes to managing the Budget.”

 

Media Contact: Noah Schultz-Byard 0427 604 760

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