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Budget fails to address Australia's economic problems



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vs .

Philip Ruddock MP Federal Member for Dundas Shadow Minister for Immigration and Ethnic Affairs

21 August 1992

Electorate Tel: (02) 858 1011 Fax: (02) 804 6739

Parliament House Tel: (06) 277 4343 Fax: (06) 277 2062

REF:

BUDGET FAILS TO ADDRESS AUSTRALIA’S ECONOMIC PROBLEMS

"Spend now, pay later is the Government's theme in this desperate Budget", said the Liberal Candidate for Berowra and Member for Dundas, Philip Ruddock MP.

"The Keating Government's final Budget failed to answer Australia's economic crisis and could lead the country further into recession".

The 1992 Budget offers no inspiration, no policy and no hope for the future in Australia nor for our local community.

It offers no relief for our local small businesses, many of which have already been forced to close. It offers no relief for our young people looking for work. All people are and will continue to be affected under the "more of the same" Keating Labor

Government.

This "Band Aid" Budget is an attempt to staunch Australia's bleeding until after the next election - because all that counts to Paul Keating is at the next polls.

With Keating continuing as Prime Minister we are going to witness more of the same depressing signs of recession in our community.

We will see more of our local shops close because of the unrelenting squeeze of spiralling taxes and charges. We will see greater numbers of our talented youth on the dole queues. We need in our community and in this country dramatic and necessary change to see improvement.

While the Government pretends the Budget will help create jobs it could, in fact make Australia's economic predicament look much worse further jeopardising existing jobs and new employment opportunities.

Philip Ruddock warned of massive increases in taxes and charges later next year to help pay for the spending binge contained in the Budget.

The Government has forecast a Budget deficit of $13.4 billion which could well put upward pressure on interest rates in the future and lead the country further into recession.

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"Fundamental to this Budget is the Government's cynical political strategy of paying off different interest groups. It simply will not work" Philip Ruddock stated.

"Labor's last Budget this century will be testimony to a Government that tried to put short term political survival ahead of economic responsibility, and failed.

"This Budget offers our local community, and our nation another year like the last ten years - another year of self delusion, of failure, of disappointment and squandered opportunities as Australia ebbs quietly and ignominiously out of the international first division.

"It means higher taxes, higher debt, higher interest rates and more misery for people who have suffered too long".