Budget offers no way out of economic gloom: Turnbull

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The coalition’s plan for economic recovery would be based on four key principles – job creation, curtailing debt, spending on infrastructure and cutting red tape for small business.

As expected, Mr Turnbull attacked the debt burden Australia was now facing.

He said Labor could not help taking the country down the dead-end street of debt.

“History tells us that an addiction to debt and excess spending is in the DNA of the Labor party.”

Australians believed Labor’s promise that they had become economic conservatives, made at the last election.

“Yet, today, Australians see our national balance sheet drowning in red ink.”

“They see our nation’s future mortgaged for as far as the eye can see.”

Repaying the debt and interest will cost taxpayers at least $25 billion a year, Mr Turnbull warned.

The coalition was ready to take up the challenge of repairing the damage done by the Rudd government, he said.

AAP

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1 COMMENT

  1. I think it was also said that, just to meet minimum loan repayments and interest would require over 100% of the biggest surplus this country ever had…… just to service the debt the Dudd Government has created…. SO FAR…..

    Pickle Me Grandmother. How can I be confident in my business and our future with that hanging over my head??????

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