It is becoming clear that the Turnbull Government is weighed down by “debt hypocrisy” and addicted to debt while trying to change the goal posts and rules regarding national debt.
Under the Liberals, lead by Abbott and Turnbull, Australia’s gross debt has blown out by more than $210 billion; net debt has blown out by $100 billion for the current year and the deficit for this year has more than tripled from $10.6 billion in their first Budget to $36.5 billion now.
Gross debt is projected to crash through the half-a-trillion dollar mark in 86 days’ time. The Labor party says there is nothing to blame except for the incompetence of Prime Minister Turnbull, Scott Morrison and Mathias Cormnan.
“Exactly eight years ago today, Malcolm Tumbull said $300 billion in gross debt was weighing down the country, but now it has reached $490.4 billion on his watch.” Says Labor MP Jim Chalmers.
“The last time he was the temporary leader of the Liberal Party, Mr Tumbull tried to scaremonger about a projected $300 billion figure with this analogy:
“There should be no lead weights put in his pockets or heavy backpacks put on his
back. And yet that is what the Govemment is delivering to us with these higher and higher
levels of debt”
“He went on to describe an “almost inconceivable level of debt”, claim the then-Govemment was “addicted to debt” and insist that “there must not be a penny more of debt than is absolutely necessary – not one penny more”.
“Malcolm Tumbull was banging on then about the dangers of $300 billion in debt but we haven’t heard a peep from him about the debt and deticit blowouts he now presides over.”
While debt has tripled under the Coalition government wages growth are at record lows, unemployment is at the same level as the peak of the Global Financial Crisis and more Australians than ever can’t get enough hours at work.
“Despite all of this, Malcolm Tumbull wants to give big businesses and the banks a $50 billion tax cut. No wonder Australia’s AAA credit rating is at risk.” Said Mr Chalmers