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The Liberal Government's litany of economic failures

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Posted May 10, 2016

As we head into one of the longest campaigns in the nation’s history, it’s worth updating the scorecard of the Liberal government’s record on the economy.

An assessment based on facts, not slogans, shows that this government has presided over a litany of economic failures: record falls in living standards, record low wages growth, record underemployment and falling confidence.

Record falls in living standards

A real economic plan for jobs and growth would focus on lifting the living standards of all Australians. This government is failing.

There have now been seven consecutive quarterly falls in living standards under this government - the first time this has happened since records began.

There has been a 3.2 per cent fall in living standards since the election in 2013.

Compare this to the 6.5 per cent boost in living standards during the term of the former Labor government.

Record falls in wages growth

A real economic plan for jobs and growth would lift the economic wellbeing of all Australians. This government is failing.

This government has presided over the lowest wages growth in decades. Wages are barely growing above 2 per cent.

Wages grew by an average of 3.6 per cent per year under Labor, a much stronger performance through the Global Financial Crisis than the stagnating wages being experienced under this government.

A person earning $87,000 in 2013 would have received an additional $1,750 in wages had growth rate under the previous Labor government continued.

Record underemployment

A real economic plan for jobs and growth ensures people that are employed get the hours at work they need to support their families. This government is failing.

Underemployment has reached record highs under this government of 9.1 per cent, which means people are not getting the hours they want at work.

There are now over a million people underemployed in Australia - the first time this has occurred since records began.

This comes on top of the 730,000 people who still can’t find a job under this government.

Falling confidence

A real economic plan for jobs and growth ensures that Australians have confidence in the future and where the 1/2

government is taking the nation. This government is failing.

Westpac’s consumer sentiment survey is down 14 per cent since the election in 2013.

Pessimists have outweighed optimists in 21 of the last 26 months of the Westpac consumer sentiment survey.

A government that wants to get re-elected on “jobs and growth” is already failing on jobs and growth.

The Liberals do not have a clear plan to get the Budget back into surplus and have no vision for the future of the economy.

Labor is the only party setting the economic agenda.

If elected, we will:

Deliver an economic statement within three months of being elected to protect Australia’s AAA credit rating.

Implement our productivity-enhancing economic agenda, including our plan to deliver once-in-a-generation school reforms, lifting educational outcomes and boosting GDP.

Deliver our $10 billion infrastructure facility which will create approximately 26,000 jobs and add around an extra $7.5 billion to Australia’s GDP every year.

Reform negative gearing and Capital Gains Tax, stimulating new housing construction and putting the great Australian dream back within reach of working and middle-class Australians.

Making record investments in the renewable energy sector preparing our economy for a less carbon-intensive world.

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