Many people in Braddon have told me they’re very concerned about the state of the budget. They worry that the Abbott-Turnbull-Morrison Government has tripled the deficit and added more than $100 billion to the national debt in the past three years. As at July 1 2018, the budget estimate of net debt in Australia was about A$341.0 billion, up from A$174.5 billion in September 2013, when the Coalition took office. That’s an increase of A$166.5 billion, or roughly 95%, over almost five years.
Others have said they’re angry that the Liberals want to spend $80 billion on tax cuts for big business, rather than fixing the budget.
I believe it’s wrong that our schools and hospitals, along with low- and middle-income Australians, will have to subsidise the Liberals’ tax break for big business.
But there is another way – Labor’s plan for budget repair that’s fair.
Already, we have announced more than $170 billion in budget improvements over the next decade – with more to come. Our responsible and fair budget repair measures include:
- Cracking down on multinational tax avoidance.
- Reforming superannuation concessions that disproportionately benefit Australians on high incomes.
- Boosting housing affordability by reforming negative gearing and the capital gain tax discount that largely benefit wealthy mainland investors.
- Saving billions by scrapping the failed emissions reductions fund that sees billions of taxpayer dollars paid to polluters without achieving any additional and enduring emissions reductions.
- Saving hundreds of millions by axing the Liberal Government’s Baby Bonus 2.0
- Not proceeding with the Liberals’ plan to give big business a multi-billion dollar tax cut while cutting investment in families, schools and hospitals.
By doing this, Labor will be able to invest in the things that build a robust, productive economy like a world-class education system.
You can find out more about Labor’s comprehensive and fully-costed budget repair policies here.