04 August 2010
Treasurer slams Opposition over economic policy
"Yet again Mr Abbott could not explain how and when he would return the Budget to surplus. He has no credible explanation for this, and an explanation and a credible policy is absolutely fundamental to Australia’s future", Mr Swan commented.
The Treasurer has made a commitment that Labor would bring the Budget back to surplus three years early, citing the Governments 'very strong and tight fiscal policy'.
"What we’ve seen is the Liberal Party spraying billions of dollars worth of expenditure around the country but not being accountable for that expenditure", Mr Swan said.
Mr Swan commented that in terms of the state of the economy, Labor had 'made the right call', by stimulating the economy in the face of the deep global recession.
On the issue of debt, the Opposition also came under more fire from the Treasurer.
"Mr Hockey could not provide the figure of net debt currently in Australia. He simply did not understand that very important figure. Of course net debt peaks in Australia at 6 per cent of GDP, when it is 94 per cent for major advance economies".
"Australia has a very low level of net debt by a country mile. It is one of our enduring strengths. Mr Hockey did not even know the level of net debt", Mr Swan said.