Coulton says Government’s record of debt and deficits has removed the economic buffer that Australia needs
30-November-2011
Federal Member for Parkes Mark Coulton said the Government’s Mid Year Economic and Fiscal Outlook (MYEFO) has confirmed that the European crisis is impacting Australia and that Labor’s record of debt and deficit has removed the economic buffer that Australia needs to protect it from international turmoil.
“The Government’s Mid Year Economic and Fiscal Outlook (MYEFO) has confirmed that in only four years, Labor has turned $70 billion in the bank into $136 billion in debt.”
“Australians are now borrowing $100 million every day and are paying $100 million every week to fund Labor’s debt fuelled wasteful spending spree.”
Mr Coulton said given the worsening economic climate, it was now the worst time to introduce a carbon tax and a mining tax.”
“The carbon tax and the mining tax will cost jobs, slow growth, hurt exports and increase the deficit all during a time when the world economic positioning was worsening.”
“In fact, President Obama confirmed during his recent visit to Australia that due to economic uncertainty it would be hard for America to involve itself in any cap and trade scheme like Australia’s. He also stated that it would be 'a big ask' to get countries to put up a Carbon Tax in these economically tough times.”
“The best thing the government can do to protect Australia from a worsening world economy is to drop the carbon tax and the mining tax.”
“Wayne Swan has been good at promising surpluses, but not at delivering them,” Mr Coulton said. “Labor talks about delivering surpluses but the record shows they have not produced a surplus in 22 years, since 1989-90.”
“The MYEFO is proof that the Government can’t be trusted when it comes to sound economic management.”