The Hon Chris Bowen MP - Federal Member for McMahon
What's Happening Posted March 24, 2015.
In 2012, the Prime Minister promised a surplus in every year of his government.
Then it slipped to a surplus in three years.
Last week, the Prime Minister promised the budget would be in broad balance in five years.
Last year, the Prime Minister was railing about Australia’s debt to GDP ratio of 13 per cent as a ‘debt and deficit disaster’.
Last week, the Prime Minister argued that net debt of 50 to 60 per cent of GDP was “a pretty good result”.
At the same time, Treasury confirmed that there won’t be a Budget surplus in the next 40 years.
This is a Prime Minister who once talked of ‘debt and deficit’ as if it was an article of faith, but that has now fallen away in a desperate...Read complete article »