Media Releases

No excuses for Liberals' record debt

October 25, 2018

New Government figures released today show the Liberals are out of excuses for the record and growing debt on their watch.
The latest Monthly Financial Statements reveal billions of dollars in extra revenue have been rolling through the door courtesy of a booming global economy.
Despite favourable global conditions helping the Budget, today’s figures show net debt has blown out to $350.9b – more than double the $175 billion it was when the Liberals came to office.
Under the Liberals, gross debt has crashed through half-a-trillion dollars for the first time ever in the nation’s history, and now sits at a record $540.2 billion.
The Liberals are too busy fighting among themselves to manage the nation’s finances properly, which is coming at the expense of funding the essential services Australians rely on.
If the Liberals cared about fixing their Budget mess, they’d end their Muppet Show and stop showering largesse on the top end of town.
Labor will repair the Budget in a fair way by closing down unsustainable tax loopholes for those who need them least, while properly funding essential services like schools and hospitals.