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So much for prudent financial management, Malcolm

14 Apr 2017


 

It’s been exactly eight years today since Malcolm Turnbull insisted the Liberals wouldn’t “run willy nilly into debt”, but the facts paint a very different picture.

 

The first time he was temporary leader of the Liberal Party, Mr Turnbull told the nation:

 

"…we are focused on prudent financial management. We’re not running willy nilly into debt. We believe the Government should incur as little debt as it has to and, above all, every dollar should be spent so as to maximise employment."

(Malcolm Turnbull interview with Kim Kleidon on ABC Tropical North, 14 April 2009)

 

But since coming to office, the Liberals have seen net debt for this financial year blow out by about $100 billion – $217.3 billion at the 2013 election to $317.2 billion in their latest update.

 

Today also marks 108 days until gross debt is expected to smash through the $500 billion mark under the Turnbull Government – a figure that stood at $280.3 billion at the 2013 election and is $486.5 billion now.

 

That’s not to mention the fact the deficit for this year has tripled since the Liberals’ first horror Budget.

 

These alarming figures hardly demonstrate the “prudent financial management” that was promised – just that Mr Turnbull, Scott Morrison and Mathias Cormann are as incompetent with the nation’s finances as they are across the board.

 

As for the Prime Minister’s pledge to maximise employment, the unemployment rate is now at the same level as the peak of the Global Financial Crisis, wages growth is at record lows and more Australians than ever can’t find enough hours at work.

 

With a record like this, it’s little wonder our prized AAA credit rating is at risk.

 

The Liberals are better economic managers? Don’t think so.



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