By JONATHON HOWARD
GOVERNMENTS can no longer live off the credit card, says Federal LNP Member for Maranoa Bruce Scott, who has called for support of the Federal Government’s belt tightening.
Mr Scott’s comments were made in the lead-up to the Federal Government’s 13 May budget announcement, which is expected to further impact households.
He said a recent Commission of Audit report had misled some people into believing the report was penned by the government.
“Media speculation has spurred rumours which have concerned the most vulnerable members of our community and I want to set the record straight,” Mr Scott said.
“As part of this process, the Commission of Audit report is a report to the government – it’s not a report by the government.
“The National Commission of Audit was asked to provide advice on how best to ensure government spending is as efficient and as well targeted as possible.
“It’s one important input to the government’s considerations for the upcoming Budget.”
Mr Scott said the audit report had found that, unless there is remedial action, government spending would blowout from $409 billion this year to nearly $700 billion within a decade.
He said Labor’s legacy remained a heavy debt to carry.
“In 2007, the Coalition left a clean set of books with money in the bank but today, after five of the worst deficits in Australian history, Labor’s legacy is $123 billion in cumulative deficits over the next four years and debt is projected to at least $667 billion.”
Mr Scott said that without structural reform Australia would pay $10 billion a year in interest repayments alone.
“This money is merely servicing a debt and not going towards building new infrastructure, creating jobs or supporting our community,” he said.
“Families can’t live off the credit card forever, nor can governments.”
