KATY GALLAGHER SHADOW MINISTER FOR FINANCE SHADOW MINISTER FOR THE PUBLIC SERVICE SENATOR FOR THE AUSTRALIAN CAPITAL TERRITORY
145% INCREASE IN GOVERNMENT DEBT PRIOR TO IMPACTS OF CORONAVIRUS AND BUSHFIRES: ANOTHER BROKEN PROMISE
Media reports today that the Morrison Government has had to lift its own debt ceiling above 255 billion during their term in office.
When the Liberal/National Government came to government seven years ago they promised to "pay down debt" and "protect Australia from a debt crisis".
On taking office in September 2013 net debt totalled 430 billion or over 21% of GDP.
So much for paying down debt over the past seven years.
This Government's failure to deliver on a test they set themselves at three successive elections means that we are approaching the significant economic challenges posed by the Coronavirus crisis in a much weaker budgetary position than necessary.
The Government should not blame the bushfires and Coronavirus for this increase in the debt ceiling.
The debt ceiling is being increased because this Government, under both Treasurers Scott Morrison and Josh Frydenberg, have failed to manage the budget tests that they set themselves over seven years.
The Morrison Government didn't have a plan to pay down debt before the bushfires or Coronavirus and they don't have one now.
Net Debt: September 2013 - 210 billion 2014-15 - 303 billion 2016-17 - 342 billion 2018-19 - 430 billion
