The Economy

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.