In Malcolm Turnbull’s pitch and opening salvo for the leadership of the Liberals and the Government of Australia, he said wanted to deliver “new economic leadership”. Instead of new economic leadership, Australia has seen more of the same. Australia has seen an economy that has been trending below standard since Malcolm Turnbull has become prime minister.
The opposition leader, Bill Shorten said today”Today’s MYEFO highlights the monumental failure of two years of economic and budget management by the Coalition.”
Malcolm Turnbull and his Treasurer Scott Morrison have overseen an Economic downgrade and have introduced new cuts to Australia civil society. Some of these cuts I even harsher than what Abbott and Hockey tried to introduce such as an attack on oncology medicine.
The following snapshots will show the economic downturn and the new cuts that have been introduced by the table government:
- Growth is down: GDP has been downgraded from 2.75% to 2.5% this year, and from 3.25% to 2.75%.
- Investment is down: Business investment fell 6.3 % in 2014-15, and the forecast investment has decreased from -7 % to -9.5 % in 2015-16
- Spending is up: At PEFO, spending for this financial year was estimated by Treasury and Finance at 24.9% of GDP, it’s now 25.9% under the Liberals
- Deficit is up: In the 2014-15 Budget, the deficit for this year was $17.1 billion, in MYEFO it’s now $37.4 billion
- Debt is up: At PEFO, net debt for the next financial year was 12% of GDP for this year, in MYEFO it’s now 18.3%.
NEW LIBERAL CUTS ANNOUNCED TODAY
- Ripped another $650 million out of Medicare by slashing bulk billing for diagnostic imaging and pathology.
- Gutted crucial health workforce training programmes by $595 million
- Ripped another $146 million out of health prevention and eHealth programmes
- Cut important radiation and oncology programs by $27 million
- Cuts Aged Care Provider Funding – complex care $472 million
- Cutting Aged Care Workforce funding by $595 million
- Cutting $126 million Job seeker services
- Abolish Mature aged employment program saving $11 million
- Slashing support for industry skills by $274 million
- $930 million from Family Day Care – introducing new child-swapping rules without undoing previous cuts;
- $344 million from the proposed Child Care Subsidy – breaking the Government’s promise not to means test the Child Care Rebate;
- $61 million from the Government’s nannies trial – cutting the program before it even starts;
- $35 million from programs to help low income families in areas with high child care costs; and
- $3 million from the Australian Early Development Census – further exposing the Government’s lack of commitment to early childhood research
Law and Order
- Cuts to Australian Federal Police (International Deployments) by $30 million
- $800 million cut to infrastructure from Asset Recycling and directed to Northern Australia only
- $1.4 billion in hidden cuts in Decisions Taken But Not Yet Announced