Swan must front media to explain larger Labor deficit, higher Labor debt
20/08/10
Wayne Swan (and whoever will be Finance Minister should Labor win) must front the media today to explain Labor's election spending, which reveals a larger deficit, and higher Labor peak debt.
Just like the last election, Labor has once again released their purported 'costings' on the final day of the election campaign.
Labor's 'costings' amount to a media release and a four page attachment.
In contrast, the Coalition released a fully verified and detailed nineteen page financial statement two days ago for public scrutiny.
Given the attacks Labor has mounted on the Coalition over costings throughout the campaign, releasing their own so-called "costings" in this way is a breathtaking act of political hypocrisy.
Labor's purported 'costings' reveal that:
- In the next financial year (2011-12) Labor will deliver a LARGER DEFICIT of almost half a billion dollars.
- As a result, Labor will deliver HIGHER PEAK DEBT.
Labor will improve the overall budget bottom line by only $44m over the forward estimates. In contrast the Coalition has taken decisive action to improve the budget bottom line by $11.5 billion.
Labor's economic credibility is now in tatters. Wayne Swan and Julia Gillard are damned by their own numbers, and have been revealed as complete fiscal frauds.