1. Most Discussed
  2. Gainers & Losers

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?”

    http://www.9news.com.au/national/20...tempts-to-address-forecasted-$1-trillion-debt

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.