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Transcript - 23500

A Message from the Prime Minister - Reducing Labor's Debt

Photo of Abbott, Tony

Abbott, Tony

Period of Service: 18/09/2013 to 15/09/2015

More information about Abbott, Tony on The National Archive website.

Release Date: 17/05/2014

Release Type: Media Release

Transcript ID: 23500

Over six years, Labor ran up a $667 billion debt on the nation’s credit card. Every single month this debt is costing us a billion dollars just to cover the interest bill.

You didn’t ask for Labor’s legacy of debt, but you did ask for a government with a plan and the will to fix it.

So last Tuesday, the Treasurer Joe Hockey handed down our first Budget.

It is a tough Budget but it is also a visionary Budget. It is a Budget for our future. It is the Government’s Action Strategy to fix Labor’s mess and to build a better Australia.

It lays the foundation for a stronger economy – by reducing projected debt by almost $300 billion over the next decade.

This means that important safety nets for families, for pensioners and for those that need government assistance can be preserved into the future.

All Australians are contributing to the Budget repair and by fixing the Budget now, we can start straight away on building a better and more prosperous future.

There’s a $50 billion investment in roads and infrastructure, to create more jobs and to make it easier for you to get around.

A stronger Budget means that we can make it easier for everyone to get a qualification and for the first time the same government loans that have been available to study at University, will now be made available for people who want to get a diploma at TAFE.

We’re also establishing a $20 billion Medical Research Future Fund. This will double our nation’s investment in finding cures for disease and better medical treatments so we can all live healthier and happier lives.

These nation building initiatives are only possible because we’re all working together.

By reducing Labor’s debt we can all share in the benefits of a stronger economy, more jobs, greater wealth and a better, brighter future for our country.

17 May 2014

Transcript - 23500