Labor’s financial statement a complete joke
- 02 Mar, 2018
Peter Gutwein, Treasurer
Labor's so-called Financial Statement released late today is a complete joke and nothing more than a random selection of numbers thrown on the page.
It appears Labor has simply picked an end-point "surplus" and then tried to make their numbers add up - an impossible task.
On first glance, there are at least seven major problems with their Financial Statement:
1. It contains $118 million of phantom "redirected" revenues. This money simply does not exist.
2. It shows that their health policy spends less each year, which defies the laws of mathematical gravity. As Labor have claimed they will employ 500 additional staff by the end of year three, the total annual additional cost should be at least $50 million in year three - not the $44 million claimed.
3. Not to mention $5 million per year for medi-hotels and $5 million for their Preventative Health Commission they have promised.
4.The claimed increase in Commonwealth ABF revenue relates to our healthy policy, not theirs.
5. Their education spend is at last $18 million short - their original education policy promised $63 million, to which they added $60 million in abolishing school fees, for a total of $123 million. Yet their Financial Statement released today contains only $105 million for education.
6. The $55 million in compensation promised for their pokies policy doesn't seem to appear;
7. Tens of millions of dollars of election promises made in their Economic Directions Statement have simply vanished into thin air.
Make no mistake, a Labor-Green minority government will drive the budget deep into deficit.