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.