New Figures Show True State of Opposition Fiscal Position

17 April 2011

Tony Abbott and his fiscal team of Joe Hockey and Andrew Robb need to come clean on the true state of their fiscal position.
Until they do, none of their fiscal posturing can be believed.
Despite their claims of fiscal responsibility, new figures released today show that if the Coalition were in Government today the budget would be in deficit in each year of the budget estimates.
As the Budget approaches, the Coalition should be upfront with Australians about their fiscal position.
They have been exposed by the Treasury and Finance Departments for a $10.6 billion black hole in their election costings, which they continue to ignore.
These election errors have been compounded through the blocking of Government saves and the announcement of a flawed alternate floods package which double counted saves already earmarked for other spending.
The Gillard Government has a clear strategy to return to surplus by 2012-13.
As we near the 2011-12 Budget, the Coalition needs to demonstrate how they intend to meet this commitment.
If the Coalition were in government today they would be in deficit in each year of the forward estimates.
This takes into account:
  • Their $10.6 billion election costing black hole;
  • More than $5 billion in savings they are blocking in the Senate; and
  • Savings they double counted in their botched alternative flood saving package.
In addition to this, they have opposed almost $8 billion in savings that have passed with the support of other members of Parliament.
The Government has a responsible plan to return the budget to surplus and is prepared to make the tough and necessary decisions to achieve this objective.
The Opposition has no economic plan to make up for its costing black hole or to return to surplus.
Please click here to view a table of the Opposition Fiscal Position.