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THE FINANCE MINISTER FAILS HIS OWN TEST ON “BAD FINANCIAL MANAGEMENT”

December 12, 2019

KATY GALLAGHER
SHADOW MINISTER FOR FINANCE
SHADOW MINISTER FOR THE PUBLIC SERVICE
SENATOR FOR THE ACT

The Finance Minister has failed his own test for financial management, with the most recent Consolidated Financial Statements confirming yet again things are worse after six years of the Abbott-Turnbull-Morrison government.
 
In 2014, Mathias Cormann described the 2013-14 Consolidated Financial Statements (CFS) as the final report card on the Labor Government’s bad financial management.
 
The 2013-14 CFS compared with the 2018-19 CFS shows:
 

  • In 2018-19 net debt has more than doubled and is sitting at a $274 billion, which is a record high compared to $115.5 billion in 2013-14.
  • Net interest paid on debt: $14.2 billion in 2018-19 up from $10.1 billion in 2013-14
  • Net worth: -$544.6 billion in 2018-19, a deterioration of more than 100 per cent from the 2013-14 figure of -$264.7 billion

 
On those three measures the 2018-19 results are much worse than in 2013-14.
 
Wages are stagnating, economic growth is weak and government debt has more than doubled under this Liberal Government’s watch.  
 
The benchmark that Mathias Cormann set for the former Labor Government, is a benchmark that applies to the Morrison Government too.
 
Scott Morrison and Mathias Cormann need to get their head out of the sand, stop delivering “bad financial management” and come up with a plan that boosts the economy and improves wages and living standards of all Australians.
 
THURSDAY 12 DECEMBER, 2019