It is becoming clear that Treasure Morrison’s plan to reduce debt and deficit is to change the budget accounting rules.
Labor leader Bill Shorten says the Government is shifting the goalposts on the definition of debt because they had failed to get it under control.
“It is tantamount to an admission of failure”
“They say they can’t get on top of the debt so they will redefine the debt.”
The Abbott-Turnbull Government has more than tripled the deficit for this financial year. In their first Budget in 2014, the deficit was $10.6 billion. It’s now at $36.5 billion.
Since the Right-Wing Coalition came to office in 2013, the gross Commonwealth debt has blown out from more than $209 billion to $489.4 billion.
The amount is now the comparable to $20,024 for every single person in Australia. In other words, the Coalition has added $12,076 to each Australian since they were elected.
Under the Abbott-Turnbull Government, public net debt for this financial year has blown out by almost $100 billion to $317.2 billion in the latest update.
By 2020, the total interest bill incurred since the Coalition come to office will have reached $111.3 billion. It’s already hit $42.9 billion.
When it comes to wages the Government is happy to cut penalty rates but haven’t even sought modeling from Treasury on economic consequences.