Malcolm Turnbull has a multi-billion dollar scheme to cut taxes for big businesses over the next 10 years that is uncosted in the Budget.
The Government talks about a ‘Ten Year Enterprise Tax Plan’ but won’t tell the Australian people how much it costs over 10 years.
Malcolm Turnbull is so desperate to give big businesses a tax cut, he wants to rename $1 billion businesses as ‘small businesses’ for tax purposes.
Labor supports giving small businesses a tax cut, but we don’t support renaming big business as small businesses to get that tax cut.
For all the talk of ‘living within our means,’ Turnbull’s Liberals have worsened Australia’s fiscal position since coming to office.
Since coming to office, Turnbull’s Liberals have increased Australia’s net debt by $109 billion from $217 billion to $326 billion.
Since coming to office, Turnbull’s Liberals have more than tripled the 2016-17 deficit from $10.6 billion to $37.1 billion.
Since coming to office, Turnbull’s Liberals have increased spending from 24.4% to 25.8% of GDP, the highest point since the Global Financial Crisis.
Malcolm Turnbull talks about there being a ‘spending problem’ but has done nothing to decrease spending as a percentage of GDP since last year.
Debt, deficit, spending and taxes are all up under Malcolm Turnbull.
This is a Budget that puts high income earners and big business before families and undermines Australia’s future.
This is a Budget that is fiscally reckless, contains uncosted promises and has the potential to put Australia’s triple-A rating at risk.
The story of this Budget is clear: Labor will put people first, Malcolm Turnbull’s Liberals will look after high income earners and multinationals.