Reports today Australia may lose its triple-A credit rating (with a stable outlook) are more damning evidence of the Abbott Government's mismanagement of Australia's economy.

Before the election Tony Abbott said:

“We can offer a real plan to keep Australia's triple A rating and Labor can't.”


Under Labor, Australia achieved AAA credit ratings from all three major ratings agencies for the first time in our nation's history, while weathering the Global Financial Crisis.

Reports that this is now at risk under Tony Abbott and Joe Hockey is incredibly concerning.

Under the Liberal Government, consumer confidence has fallen 13 per cent, business confidence has been sluggish, unemployment has increased and Australia’s debt and deficit have risen.

This Government’s dishonesty and incompetence is hurting Australia. It’s hurting our economy, it’s hurting jobs and now it’s putting our AAA credit rating at risk.

There is no question Australia is in a worse position now than it was when Tony Abbott was elected.

The Abbott Government has favoured those who need the least help and hurt those who can least afford it. Not only has Tony Abbott been bad for Australia’s Budget, he’s been bad for Australian household budgets.

So far Labor has announced policies which together improve the Budget bottom line by more than $20 billion over 10 years. Tony Abbott has announced a cut of more than $20 billion to pensions.

Labor wants to make multinational corporations pay their fair share of tax. Tony Abbott wants to rip away family payments and introduce $100,000 degrees.

It takes a special kind of incompetence to increase the debt and deficit and hurt families as much as this Liberal Government has.