NEW REPORT SHOWS LIBERALS OUT OF BUDGET EXCUSES

 A new report confirms Malcolm Turnbull won’t have any excuses for record and growing debt in his make-or-break Budget when it’s handed down in just over two weeks’ time.

 

Deloitte Access Economics in their March 2018 Business Outlook today joined a chorus of others in recent weeks and months, including the IMF and RBA, spruiking the strength of the global economy.

 

Deloitte described “excellent global growth” which is “doing Australia plenty of favours” and pointed to the fact that “improving global and local economies are raining revenue on the Federal Budget”.

 

Already Malcolm Turnbull, Scott Morrison and Mathias Cormann are enjoying the strongest global economic conditions for a decade.

 

Even with an expected substantial improvement in the Budget flowing from very favourable global conditions, debt will still be far, far higher than what the Liberals inherited from Labor.

 

Under the Liberals, the deficit is currently eight times bigger than projected in their first Budget in 2014, net debt has doubled, and gross debt has crashed through half-a-trillion dollars for the first time ever and is growing with no peak in sight.

 

Both kinds of debt are growing faster under the Liberals in rosy global conditions than they did under Labor, which had a Global Financial Crisis to contend with.

 

The Budget is in such a mess on the Liberals’ watch because they insist on giving the biggest tax breaks to those who need them least, including a $65 billion tax cut to multinationals and the big banks.

 

On Budget night, Malcom Turnbull should reverse his cuts to schools and hospitals; drop his income tax hike on low- and middle-income earners; give up on his cruel zombie cuts that are unlikely to pass Parliament; and reverse his $65 billion big business tax handout.

 

Malcolm Turnbull and his Liberals need to stop feeding record and growing debt by showering largesse on the top end of town at the expense of middle Australia.