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Posted November 21, 2014


Joe Hockey must immediately release his Budget update so Australians can see how much worse the Budget has become under the Liberal Party – and what further cuts are in store.

The Treasurer has clearly abandoned any responsibility for managing the economy and has lost control of his Budget.

Reports today suggest that the budget deficit for this year could blowout to $40 billion.

This would represent a $16 billion blowout from the budget bottom line left by Labor left at the election in the independent pre-election and fiscal outlook.

This would be a blowout of more than $36 million every single day since the Abbott Government was elected.

Joe Hockey shouldn’t hide until the week before Christmas to release his Budget update – he must come clean with the Australian people now.

Just a few weeks ago, the Government’s Finance Minister said:

“The Government of the day is responsible for budget forecasts” and he went on to say “we are taking responsibility and we will stand by how we perform against our forecasts.”

Mr Hockey said one month before the election – “I’m not afraid to accept responsibility and I’m not afraid to be accountable. We will own it from day one. We will be responsible for the Australian economy.”

We also recall Joe Hockey for years hammering the former Labor Government that there was “no revenue problem”.

But now all of a sudden the Treasurer seems happy to blame ‘global events’ for his own Budget woes.

Just a few weeks ago the Prime Minister said the Budget would be in “broad balance” in 2017-2018.

Does the Treasurer endorse that view now? The Treasurer has promised a Budget surplus, he is responsible for the Budget position – when will the Government achieve that?

There has been no “adrenaline charge” through the economy as the Treasurer promised at the election. In fact, we have had the opposite.

The Abbott Government’s first Budget has hit the economy and hit consumer confidence hard.

At a time when people needed to feel confident about the future, the government delivered a Budget that strangled the economy, with over 40,000 more Australians unemployed since May.

The last thing the Australian economy and consumer confidence is news of an Abbott Government budget blow-out days before Christmas.

If Joe Hockey has nothing to hide, then he should be releasing his Budget update now.

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