The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Peter Costello

Peter Costello

Treasurer

11 March 1996 - 3 December 2007

Media Release of 10/08/2007

NO.072

Debt - The Labor Way

Mr Rudd claims that there is not “a sliver of light” between the Liberal-National Coalition Government and the Labor Party on fiscal policy.

The Coalition inherited $96 billion in Labor debt when it came to office in 1996. This net debt has been eliminated and the Commonwealth is now building an asset position.

By contrast, Labor States started increasing their borrowings in this year’s round of State Budgets. It is expected that the growth of State debt will completely outweigh Commonwealth savings over the next five years.

Yet Mr Rudd fully endorses and supports the States’ financial profligacy.

There is no sliver of light between the Coalition Government and the Labor Party. There is a huge gulf.

Kevin Rudd’s claim that he is an economic conservative is a sham.

MELBOURNE
10 August 2007

Contact: Renae Stoikos - 03 9650 0244


Coloumn Graph - Commonwealth/State & Territory Net Debt

Source: Between 1996-97 to 2005-06 ABS Cat.No. 5512.0. Between 2006-07 and 2010-11 from Commonwealth, State and Territory budgets.