LETTER: Who is responsible for government debt?
SOME correspondents keep repeating that Labor is responsible for our high government debt totally ignoring the fact that since the 2013 election of the Abbott/Turnbull government debt has risen by $159 billion to $432 billion.
The then Liberal treasurer, Joe Hockey promised a return to surplus in the first year. Instead they have delivered higher deficits and now both parties say we will not return to surplus until 2021. While both parties would agree that we need to solve the structural deficit problem, our net debt to GDP remains low by international standards, even though it is high by Australian historical standards.
To do this we need to look at our revenue problems as well as our spending problems. Labor has set down a 10 year plan to build the Australian economy by making our tax system fairer and getting big business, especially multi-nationals to pay their fair share; making changes to negative gearing and capital gains tax while still investing in infrastructure, education and health. Labor has said it will not increase the GST. The Liberal National Coalition says it won't either but, with they have failed to deliver the strong, prosperous economy and all the other broken promises from 2013.