Gary Gray Debt Deception

17/08/10

Julia Gillard must explain why her Parliamentary Secretary, Gary Gray, is deliberately misleading West Australians about when Labor’s $90 billion debt will be paid off.

This morning in Perth during a debate with Julie Bishop, Parliamentary Secretary Gary Gray falsely claimed that Labor’s massive $90 billion debt will be paid off in just 34 months.

GRAY:

... Let’s reflect on that just a second. It’s absolutely true, as Julie says, the net debt in Australia peaks next year. Absolutely true. But what you’re not told is the debt is fully paid off in 34 months time. Fully paid off. Net debt peaks at around 6% of GDP. We know that. And it’s paid off in 34 months.

This claim is simply false.

Under Labor, net debt is headed to $90 billion.

The assertion that somehow this debt will all be magically eliminated in 34 months is completely false.

Mr Gray is deliberately trying to mislead the voters of Western Australia.

Even under Labor’s best projections, this debt won’t be paid off until 2018/19. (Economic Statement July 2010, p.16).

That’s 96 months from now – roughly three times what Gary Gray claimed.

Ms Gillard and Mr Swan must explain this deception.