On coming to office in 1996, the Coalition was shackled by Labor's derelict economy that had given Australians 17.5% interest, inflation at 9.3%, and 11% unemployment. Successive budget deficits exceeded $10 billion per annum, leaving a Government debt of $96 billion.
In contrast, when the Coalition left office in 2007, interest rates had fallen to 6.75%, inflation was at 3%, the unemployment rate was 4.4%. A record budget surplus around $20 billion was left for the incoming Government, plus $60 billion had been put aside in the Future Fund and substantial investments had been made in transport, education, communications, health, and the environment. Labor's debt had been completely paid off.
At the 2007 federal election, Labor promised to keep interest rates and inflation low, and to reduce grocery and petrol prices.
Labor’s term of Government from 2007-2013 was disastrous for our nation — it was the worst Government in Australia’s history. Cost of living pressures increased substantially, stressing the budget of every family, causing growth to stall and confidence to plummet. Every Labor budget produced a deficit, in spite of hundreds of promises that the budget would be in surplus. Waste and mismanagement was Labor’s trademark.
When it left office, Labor had accumulated budget deficits of $123 billion and gross debt was projected to rise to $667 billion within a decade. There were 200,000 more umemployed and 50,000 illegal immigrants had arrived by boat. Investment stalled and the Rudd / Gillard / Rudd Governments introduced or more than 40 taxes, including the job destroying world’s biggest carbon tax.
The following details the record of the Labor Government.
