Australia is riding high despite Coalition opinion

Australia’s economy continues to show unprecedented growth across all the main indicators contrary to Mr Wiseman parroting the lines straight out of the Liberal Party’s propaganda handbook. 

The Coalition’s official spokesmen and their “would be’s if they could be’s”, say everything and anything to try to discredit Labor’s superb record of economic management with no regard for the impact on our international reputation and the consequences.

In relation to debt, Mr Wiseman chooses to ignore the pertinent fact, which is that net debt to Gross Domestic Product (GDP) is running at 10 per cent, which is entirely affordable and the envy of all other international developed economies including the US, Great Britain, Japan and the majority of European economies. 

Labor’s record on economic management speaks for itself and is as follows:

Unemployment rate 5.4 per cent, Reserve Bank of Australia cash interest rate at 3.25 per cent – meaning a family on a $300,000 mortgage is now paying around $4500 a year less in repayments than when the Liberals left office. 

Inflation (CPI) at 2.5 per cent, well within the RBA predictions, Gross Domestic Product growth 3.7 per cent, an unprecedented three AAA international credit ratings, a quarter of a trillion dollar investment in the resources sector in the pipeline and an economy that’s grown 10.39 per cent since December 2007.

The reality is Australia is currently experiencing the best financial circumstances for decades. The last time a Coalition government presided over interest rates around 3.25 per cent, Bob Menzies was prime minister and Harold Holt was treasurer.

Steve Gibbons,

Federal Member for Bendigo

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