May 8, 2007

Federal Budget Fails the Future Test

Federal Budget Fails the Future Test


8 May 2007

Anthony Albanese, Federal Labor Member for Grayndler, tonight welcomed tax cuts for working families and carers, but warned that this year’s Federal Budget fails to address the long-term challenges facing Australia.

“I welcome the inclusion of individuals and families in Grayndler in tonight’s Budget. Local families deserve to share in the profits from the mining boom, which added $55 billion to the Australian economy last year alone.”

“However, the 2007 Federal Budget is an election year budget which fails the future test.”

“It fails to address the challenges that will face Australian families beyond the prosperity of the mining boom of:

  • improving our third world broadband network
  • investing in an education revolution;
  • reviving our flagging productivity; and
  • implementing measures to address climate change.

In contrast, a Federal Rudd Labor Government is committed to:

  • investing $4.7 billion to create a National Broadband Network – providing 98% of Australian families and small business with high-speed internet access up to 40 times faster than is currently available; 

  • an Education Revolution that will include: 
    • $450 million to provide four year olds with 15 hours a week of high quality early childhood education; 
    • $111 million to encourage students to study maths and science at university and use their degrees within the maths and sciences professions, particularly, teaching; and 
    • investment of $62.5 million on a pilot program to fund the construction of shared facilities between government and non-government schools.

  • 11 practical measures to tackle climate change, including: 
    •  ratifying the Kyoto Protocol; 
    • cutting Australia’s greenhouse gas emissions by 60 per cent by 2050; 
    • setting up a $500 million Green Car Innovation Fund; and 
    • offering loans of up to $10,000 to help homes become more energy and water efficient.”