The surplus revealed in today\u2019s Final Budget Outcome has been delivered off the back of the former Coalition Government\u2019s strong economic management, sky-high commodity prices and Australians having to work harder to make ends meet in Labor\u2019s cost of living crisis.<\/p>\n\n\n\n
The Final Budget Outcome confirms under Labor we have seen higher taxes than forecast before the election including:<\/p>\n\n\n\n
With tax-to-GDP hitting 23.8 per cent, Labor would be dangerously close to breaching the tax-to-GDP cap with its higher taxes if it hadn\u2019t removed this crucial fiscal guardrail.<\/p>\n\n\n\n
Shadow Treasurer Angus Taylor said the test for Labor is whether it can deliver a path to surplus over the forward estimates.<\/p>\n\n\n\n
\u201cA drover\u2019s dog could have delivered a surplus this year,\u201d Mr Taylor said.<\/p>\n\n\n\n
\u201cThis surplus was largely driven by soaring commodity prices and higher tax receipts from Australians working harder for less to keep up with skyrocketing bills and prices under Labor.<\/p>\n\n\n\n
\u201cThis budget windfall has been delivered by an industry the Albanese Labor Government is doing its best to destroy through market interventions, cuts to innovation funding and unworkable employment laws that will make it harder to invest and create jobs.<\/p>\n\n\n\n
\u201cIndependent economist Chris Richardson has been crystal clear today: this is a windfall, not a management decision. Decisions from Labor have only made the budget bottom line worse off over its first two budgets.<\/p>\n\n\n\n
\u201cAt a time when Australians are reeling from cost-of-living pressures, tax receipts are at their highest level in more than 16 years. Labor needs to recommit to the tax-to-GDP cap and rule out any changes to the stage 3 tax cuts.<\/p>\n\n\n\n
\u201cWith the OECD and RBA warning of slower growth, higher inflation and higher unemployment over the next year Australians need a government with a clear plan to grow the economy, repair the Budget and bring down inflation. Instead of economic reform, Labor is distracted by its Canberra Voice and fighting employers.\u201d<\/p>\n\n\n\n
Shadow Finance Minister Senator Jane Hume said the only plan in Labor\u2019s Budget papers is to deliver more deficits, higher unemployment and slower growth.<\/p>\n\n\n\n
\u201cA one-and-done surplus off the back of the economic setting put in place under the previous Coalition Government and sky high commodity prices is not an economic plan,\u201d Senator Hume said.<\/p>\n\n\n\n
\u201cInstead of addressing stubborn inflation and lack of productivity, Labor is spending like it\u2019s going out of fashion, pushing $188 billion more out the door since the Coalition\u2019s last Budget.<\/p>\n\n\n\n
\u201cWith collapsing real wages, a GDP per capita recession, record slumps in consumer confidence, falling labour productivity and one of the highest core inflation rates amongst advanced economies, Australia\u2019s future does not look bright under Labor.<\/p>\n\n\n\n
\u201cAustralian families and businesses are already paying the price for the lack of economic plan from the Albanese Government, they can\u2019t afford for Labor to continue down this path.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The surplus revealed in today\u2019s Final Budget Outcome has been delivered off the back of the former Coalition Government\u2019s strong economic management, sky-high commodity prices and Australians having to work harder to make ends meet in Labor\u2019s cost of living crisis. The Final Budget Outcome confirms under Labor we have seen higher taxes than forecast … Continue reading “Budget surplus: No thanks to Labor”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-23071","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/23071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=23071"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/23071\/revisions"}],"predecessor-version":[{"id":23072,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/23071\/revisions\/23072"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=23071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=23071"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=23071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}