Coalition’s surplus funds Labor’s rescue package
14th October, 2008
It is the budget surplus built up through the former Coalition Government’s careful management of the Australian economy that is being deployed today to help secure Australia’s future, Federal Member for Wide Bay Warren Truss said today.“Never in Australia’s history has an incoming Government inherited the substantial financial reserves that the former Coalition Government left after the last election.
“The $20 billion surplus and $60 billion in reserves has provided the Labor Government with an unprecedented opportunity to stimulate the Australian economy, which was the envy of the world just 11 months ago.
“Our hard won gains are now being called upon to shield Australia as it faces a significant downturn in economic activity caused by the global financial crisis,” Mr Truss said.
Pensioners, veterans and carers will benefit from one off payments of $1,400 to single pensioners and $2,100 to pensioner couples and first home buyers will gain access to an increased first home buyers grant.
“The National and Liberal parties have been working to highlight the needs of pensioners and those on low incomes, struggling from the failure of Labor to address the rising costs of petrol, groceries and housing,” Mr Truss said.
“It is only three weeks ago that the Labor Party used its numbers in the House of Representatives to vote down proposed legislation that would have increased the single aged pension by $30 per week.
“While the additional one off payments will only provide immediate, short term relief, to pensioners and carers, it will be welcome. But pensioners and families need more than a Christmas party.
“These payments will not resolve the need for ongoing improvements to the age pension that the Government continues to refuse to even consider until some time next year.
“Labor was a constant critic of bonuses to mothers, pensioners and carers when in Opposition. Now it will make more than 8 million of these one off payments.
“Today’s announcement makes a mockery of the Government’s claim that is cannot increase pensions until its review into pensions is completed. The release of $10.4 billion demonstrates that the Government has the capacity to act if it so chooses. The Government can no longer expect to be let off the hook by hiding behind reviews as an excuse to do nothing,” Mr Truss said.
“For the first 10 months of their Government, Kevin Rudd, Julia Gillard and Wayne Swan did their level best to talk down the achievements of the Coalition in building the Australian economy. The fact they are now relying on the surplus built up by the former Coalition Government to shield Australia from the storm demonstrates how economically incompetent they really are.”
