The release of the latest MYEFO is more confirmation that the Coalition’s claim to superior budget restraint is an absolute joke.
The Coalition will try to blame international circumstances, but the budget papers show their own policies have made the deficits worse.
Decisions in the 2015-16 MYEFO have increased expected deficits over four years by $3.7 billion. Four of the Coalition’s five budget updates have been net spends:
Labor, on the other hand, delivered five net saving budget updates in a row:
The Coalition’s budget predicament is the inevitable outcome of its dishonesty at the last election.
It promised an impossible combination of lower taxes, new spending and reduced deficits. That didn’t add up then, and it doesn’t add up now.
Too many economic journalists – and even professional market economists – failed to strongly and consistently hold the Coalition to account.
The Coalition’s electoral platform was an innumerate unicorn drawn in crayon. It’s time to hold them to account.