Liberals say Labor will tax more to pay for Gillard Govt’s growing debt
A federal Liberal Party e-newsletter today points to an opinion piece by Joe Hockey in The Australian in which the Opposition Treasury spokesperson warns about the taxation burden a debt-addicted Labor government is creating for future generations.
The newsletter issued by Liberal Party federal director Brian Loughnane quotes from the piece by Joe Hockey:
This government has relied heavily on borrowings during its time in office. During the past four years the government has borrowed more than $170 billion.
And it’s not done yet. This year the government will put another $7.3bn on the credit card and it will not stop borrowing until at least 2017. By borrowing now it is leaving a massive burden of deferred taxation that will be borne by future generations.
The net interest on the government’s debt this year alone is costing taxpayers more than $7bn, almost $20m a day.
“Labor’s addiction to spending, borrowing and taxing is hurting Australia,” Mr Loughnane writes. “By contrast, the Coalition has a plan for a strong and prosperous economy and a safe a secure Australia that will deliver hope, reward and opportunity for all Australians.”
Joe Hockey’s opinion piece in The Australian is available here.