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Swan busted again - this time on tax



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Wayne Swan has been busted, yet again - this time by the IMF on tax. Wayne Swan recently claimed:

“This government has already delivered three rounds of personal income tax reforms—or cuts, if you like.” (Source: House of Representatives Hansard, 21 August 2012) Penny Wong, three weeks ago, told the Senate: “In terms of income tax, we have cut income tax.”

(Source: Senate Hansard, 20 September 2012)

Today the IMF caught Wayne Swan and Penny Wong red handed. The IMF Fiscal Monitor (October 2012), released just hours ago, identifies that Australia has increased both corporate and personal income taxes since 2009.

(Source: Extract, IMF Fiscal Monitor, October 2012, p18) This makes a mockery of Wayne Swan’s claim that taxes have been cut under Labor. The publication also outlines the deteriorating state of the Australian General Government sector (which includes state and local governments) since the April publication of the Fiscal Monitor.

AUSTRALIA - General Government Overall Balance (% of GDP) 2011 2012 2013 2014 2015 2016

IMF Fiscal Monitor April 2012 (Statistical Table 1)

-4.3 -2.5 -0.6 -0.3 0.2 0.6

IMF Fiscal Monitor October 2012 (Statistical Table

1)

-4.4 -2.8 -1.0 -0.3 0.1 0.3

The General Government sector gross and net debt forecasts for Australia have also deteriorated.

AUSTRALIA - General Government Gross Debt (% of GDP) 2011 2012 2013 2014 2015 2016

IMF Fiscal Monitor April 2012 (Statistical

Table 7)

22.9 24.0 23.3 22.1 19.6 17.0

IMF Fiscal Monitor October 2012 (Statistical

Table 4)

24.2 27.1 27.2 26.4 24.7 22.9

Swan busted again - this time on tax Tuesday, 9 October 2012

Page 1 of 2 Swan busted again - this time on tax | Media | The Hon. Joe Hockey MP

29/08/2013 http://www.joehockey.com/media/media-releases/details.aspx?r=252

AUSTRALIA - General Government Net Debt (% of GDP) 2011 2012 2013 2014 2015 2016

IMF Fiscal Monitor April 2012 (Statistical

Table 8)

7.8 9.5 9.6 9.2 7.5 5.5

IMF Fiscal Monitor October 2012 (Statistical

Table 4)

8.2 11.6 12.4 12.3 11.3 10.2

The Australian economy is facing severe headwinds and Wayne Swan’s deceit on tax does nothing to instil confidence that he has the capacity to meet the challenges. Data since the introduction of Labor’s carbon and mining taxes on 1 July 2012 has been weak. There

has been weak retail sales, the largest trade deficit in four years, and a telling decline in job advertisements over the past three months. Unquestionably, having a Government making $120 billion of unfunded promises without telling Australians how it is going to pay for them is having an impact on confidence of Australian families and small business.

Wayne Swan should stop the spin and come clean with the Australian people - firstly, about his record of new and increased taxes, and secondly about which taxes he will raise to fund his $120 billion great big Budget black hole.

[ENDS]

Page 2 of 2 Swan busted again - this time on tax | Media | The Hon. Joe Hockey MP

29/08/2013 http://www.joehockey.com/media/media-releases/details.aspx?r=252