Media Releases

Liberals pile on $435m in debt a day

February 22, 2019

New Government figures released today show the Liberals piled on a whopping $435 million dollars a day of net debt onto the nation’s credit card in January.
The latest Monthly Financial Statements reveal net debt has reached another new record $373.4 billion on the Liberals’ watch, up $13.5 billion from the previous month.
The Finance Minister showed this week he couldn’t manage his own credit card, and these new numbers show the Liberals are hopeless at managing the nation’s finances as well.
Despite favourable global conditions, the Liberals have more than doubled net debt, racking up almost $200 billion since coming to office.
The Liberals are too busy looking after the top end of town to manage the Budget and the economy in the interests of ordinary Australians.
The amount of net debt the Liberals piled on every single day in January barely covers one month of tax return cheques they send to shareholders who don’t pay any tax.
Every week, the Government spends $100 million on cash refunds for excess franking credits – an unsustainable tax loophole that the vast majority of Australians don’t access.
Given the Government’s twisted priorities, it’s little wonder debt is at record highs on their watch.
Labor will repair the Budget in a fair and responsible way by closing down unsustainable tax loopholes, while properly funding essential services like schools and hospitals.