May 10, 2006

Costello’s tax cuts already gone

Costello’s tax cuts already gone

MEDIA RELEASE – ANTHONY ALBANESE MP

10 May 2006

Anthony Albanese MP, Federal Labor member for Grayndler said, “The tax cuts in last night’s budget will have already been spent as families pay for the triple whammy of rising interest rates, rising costs of petrol and cuts to wages and overtime caused by the Howard Government’s extreme workplace laws."

“Costello’s handing back of tax bracket creep won’t pay for these holes in the family budget for people in this area,” he said.

“This Budget does nothing to invest in the future, nothing for skills and nothing for childcare.”

“In a four thousand word speech Peter Costello didn’t mention education, participation, productivity, or current account once.”

“This is a short term Budget, when we need to skill our people up and build long term prosperity. This budget has no long term plan to protect Australian families from higher interest rates.”

Mr Albanese contined, “There’s been an explosion of foreign debt under the Howard government and on Peter Costello’s watch. This explosion has put upward pressure on interest rates.

In September 1995 Peter Costello said:

“Australia has high foreign debt, and because Australia has a current account problem, that puts premium on Australian borrowings, that flows through and every Australian pays for the consequences.”

"The overall level of debt for the country has increased two-and-a-half times since Peter Costello said foreign debt was a significant problem and now that it is his responsibility he has become completely complacent about it,” said Mr Albanese.

“Australia’s crumbling roads, rail systems and ports are holding back the Australian economy, but after 11 Costello budgets there is still no national infrastructure plan or a plan to fix our skills crisis.”