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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 rising interest rates, combined with Labor's misguided expenditure, are putting pressure on the economy, 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, through its inexperience, is losing control of the economy. Labor's spending cuts are not responsible. They will cover up Labor's new spending priorities that will reward unions and cause wage break outs, as unions seek reimbursement for the tens of millions of dollars that they poured into Labor's election campaign. The Labor Government's irresponsible axing of important and affordable Government programs that improved health, education, infrastructure, agriculture and the environment for all Australians, will damage the nation's ability to grow and prosper in the future. The following details the record of the Labor Government. |
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