LNP Record
What has the LNP government achieved over the past 3 years? What have they done, not done? What have been their weaknesses and downfalls? Any positives?
Leading up to the election let's have a good hard look at the record of the Abbott/Turnbull government.
Crikey paywall
Despite solemn promises to reduce debt, the Abbott government’s borrowings rocketed after the 2013 election, averaging $4.85 billion per month until both the PM and his hapless treasurer Joe Hockey were ejected. The central reason for Turnbull’s leadership challenge was that Abbott “has not been capable of providing the economic leadership our nation needs”.
The dismal data
Gross debt is now $450.79 billion. This is $173.4 billion higher than the $277.4 billion Labor left in September 2013 — up 62.5%.
Net debt was $312.3 billion at the end of August. This is $137.7 billion above Labor’s $174.6 billion legacy — up 78.9%.
Interest bill doubled
Taxpayers paid $1.26 billion in net interest in July and again in August, or $40.7 million per day. It will be higher henceforward.
In its last financial year, 2012-13, Labor paid $8.28 billion. The Coalition paid $12.0 billion in the year just ended, an increase of 45.3%. Budgeted interest expense for this financial year is $16.64 billion, more than double Labor’s last full-year bill.