The man who helped rack up $96 billion in net debt and left Australian taxpayers with a $10 billion Budget deficit – after promising it was in surplus – has praised Kevin Rudd’s proposal to raid the Future Fund.
Former Prime Minister Paul Keating, whose economic policies left a legacy of high interest rates and high unemployment, emerged again today from behind Kevin Rudd to help guide the inexperienced Opposition Leader down the well trodden path of Labor Party financial profligacy.
“They’ve kept the Budget running on empty and they’re taking asset sales and putting it (sic) into this fund so what the Labor Party is saying: ‘well, let’s use some of those telecommunications asset proceeds back into telecommunication.’ I mean, what better investment could there be.” Paul Keating ABC Radio 23/3/07
Australia has only just recovered from Mr Keating’s insatiable “investment” appetite, which almost always ended in debt. The proceeds from asset sales under his Government were never saved with proceeds spent while the Budget still left in deficit.
Therefore it’s unsurprising that he has been quick to support the new Opposition Leader, who is keen to raid the Future Fund, sacrificing fiscal discipline for political self interest.
It is the Labor way.