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 On coming to office in 1996, the Coalition was shackled by Labor's derelict economy that had given Australians 17.5% interest, inflation at 9.3%, and 11% unemployment. Successive budget deficits exceeded $10 billion per annum, leaving a Government debt of $96 billion. In contrast, when the Coalition left office in 2007, interest rates had fallen to 6.75%, inflation was at 3%, the unemployment rate was 4.4%. A record budget surplus around $20 billion was left for the incoming Government, plus $60 billion was put aside in the Future Fund and substantial future investments had been made in transport, education, communications, health, and the environment. Labor's debt had been completely paid off. At the 2007 federal election, Labor promised to keep interest rates and inflation low, and to reduce grocery and petrol prices. Yet cost of living pressures since Labor's election are increasing substantially and Labor's record debt, deficits and misguided expenditure, are putting pressure on the economy and stressing the budget of every family, causing growth to stall and property values to fall. The share market is in freefall, business confidence has slumped and superannuation benefits are in decline. Labor, has lost control of our nation's public finances and the economy. The mismanagement of Government programs has wasted billions of dollars - money that could have spent on better health care, education, infrastructure and the environment. Instead of massively increasing taxes and Government charges to pay off its debt, Labor should lower its tax take to give Australian families a better opportunity to get ahead. Labor's debt will greatly damage our nation's ability to grow and prosper in the future. The following details the record of the Labor Government. |
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