The Coalition’s economic credentials are in tatters this week as the right-wing conservative Prime Minister Turnbull presents a shrill attack on Labor’s negative gearing policy. Along with the recent speech by the Treasurer at the national press club that had no content or substance many were left thinking does the Coalition know how to manage the economy? The quick answer is no.
Under the Abbott-Turnbull government, spending has increased to 25 per cent of GDP. The Liberal Party is spending more than the previous Labor government, and the deficit has blown out by $26 billion over the forward estimates.
This means a blow-out of $120 million per day between last year’s budget and the MYEFO in December. In their ‘Real Solutions’ fairytale booklet, the coalition promised to get the budget back under the control.
This is certainly not happening, and in fact, the opposite has occurred. And these are not the only disturbing figures. Living standards, as measured by net disposable income per capita, have fallen for six consecutive quarters—we actually have a recession in net disposable income per capita. Capital expenditure is falling, and consumer and business confidence is far lower than when the coalition was elected
These figures confirm that the government is not qualified at managing the economy, whether under the former deposed Prime Minister Tony Abbott or under the current right-wing conservative Prime Minister Malcolm Turnbull, and the MYEFO was a pathetic admission of this fact.