E&OE...
Listen to this Speech (MP3 - 0.95Mb - 82secs)
Good morning,
The Federal Government's Budget is in healthy surplus due to the Coalition's economic policies. We have paid off Labor's $96 billion debt, saving taxpayers about $8.5 billion a year in interest payments.
This has allowed us to deliver important social programs, cut taxes and maintain a generous family assistance system.
It has also relieved pressure on interest rates. When governments borrow money they compete with private borrowers putting upward pressure on interest rates.
While the Federal Government is not in the borrowing marketplace, state Labor Governments are going into deep debt across the nation. Over the five years to 2010-11, state debt will increase by about $70 billion.
This will place significant upward pressure on interest rates and is a glaring example of Labor's double game with the Australian community. While Federal Labor pretends to be fiscally responsible, state Labor Governments are anything but.
If you want a true insight into how Labor would run the economy nationally, look no further than how Labor runs the state finances.
The national economy is strong courtesy of the Coalition Government. A Rudd Labor Government would put all of that at risk.
Listen to this Speech (MP3 - 0.95Mb - 82secs)