La­bor cooks books with debt- shift trick Bud­get

Townsville Bulletin - - OPINION -

TWO weeks ago, Trea­surer Curtis Pitt an­nounced La­bor’s ridicu­lous plan to shift public sec­tor debt onto the books of Queens­land’s gov­ern­men­towned cor­po­ra­tions.

Last week, Trea­surer Pitt hands down a Bud­get which in­cludes this ab­surd “debt hos­pi­tal pass”, in­di­cat­ing La­bor has no idea how it will fund its elec­tion com­mit­ments.

Of­fload­ing public debt – left over from the Beat­tie/ Bligh Gov­ern­ments – onto these GOC’s was never part of La­bor’s pre- elec­tion fi­nan­cial plan.

Mr Pitt’s claim is that this ma­noeu­vre re­duces public debt. That’s like mak­ing a home loan pay­ment with your credit card and sug­gest­ing you’re re­duc­ing your per­sonal debt.

Of course, we should all re­mem­ber that La­bor and Mr Pitt stated that they would rely on rev­enues from GOC’s to pay down La­bor debt. This plan is now in tat­ters.

Thanks to La­bor, these GOC’s will now have to ser­vice a much big­ger debt and the in­ter­est on that debt, in­creas­ing costs to Queens­land con­sumers.

This is the type of “magic pud­ding” eco­nom­ics that we have come to ex­pect from the Palaszczuk Gov­ern­ment.

AN­DREW CRIPPS MP, Mem­ber for Hinch­in­brook.

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