As people gather to watch the so-called people’s forum there is one thing that can’t escape people’s attention and that is with debt up and the deficit up – even by their own neo-liberal standards, the Turnbull/Abbott Government is a massive failure.
When the Coalition was in opposition they constantly said the Labor Government was a failure due to debt and deficit levels but what does the record show on the Coalitions performance?
Since the 2013 election, private sector capital expenditure has fallen by a massive 15% and company profits have fallen 6%. In June quarter for 2015 GPB growth fell to 2.0 %.
In August 2015, gross government debt was $384.7 billion – the highest level ever recorded. Back in April this year business leaders were urging the Turnbull government to rein in debt. At the end of 2013 and the end of the last Labor Government, the actual net debt was $177.74 billion. When the Coalition took power debt increased more than $60 billion.
When it comes to unemployment, it remains stubbornly high according to Australian Bureau of Statistics figures released recently and the Turnbull government has no real plan to tackle it.
The Abbott/Turnbull Government has failed the test of fiscal responsibility. Having banged the drum of budget emergencies for so long, despite all their cuts and broken promises, in the past three years the Liberals have tripled the deficit. They are collecting more tax than at any time since John Howard’s last year in office, and yet they have added $100 billion to Australia’s national debt.