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Labor ‘mugging’ forecasted $1 trillion debt

  1. jitttlatw07

    7,660 Posts.

    Pyne claims Labor ‘mugging’ government’s attempts to address forecasted $1 trillion debt

    Education minister Christopher Pyne has blamed Labor for “mugging” the government as it attempts to solve the country’s burgeoning debt, as analysts predict it could reach $1 trillion within a generation.

    News Corp this morning reports the nation’s federal government debt will be $1 trillion by 2037 without urgent action.
    Financial modelling by Pricewaterhouse Coopers reportedly predicts Australia’s government debt ration to GDP will rise above the 50 percent mark within 10-15 years.

    Mr Pyne appeared on TODAY this morning with shadow transport minister Anthony Albanese, repeating the familiar government rhetoric that Labor was to blame and was blocking the solution.

    “Labor is still blocking $28 billion of savings in the senate, $5 billion of which they introduced themselves in government, they’re now voting against in the Senate,” Mr Pyne said.

    “What we’re doing is good work but Labor is actually blocking it.”

    Mr Pyne said he hoped higher education reforms would be passed by March and that there were “green shoots” in the economy such as a rise in ANZ job ads and business registrations.

    The unnerving debt figures come as the Australian Bureau of Statistics reports unemployment has risen to 6.4 percent, the highest it’s been in over 12 years.

    Mr Albanese accused the government of having taken a “gap year” after “graduating from opposition”.

    He said the public would see policies from Labor well before the election.

    “If there’s such a budget crisis, why did they forward an advance payment of $1.5 billion for the East West project in Melbourne?”


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