Budget Deficits Began Before The Floods

Budget Deficits Began Before The Floods

Queensland Shadow Treasurer Tim Nicholls

House Of Horrors Budget Update Forecasts Pain Ahead For Queenslanders

Victor P Taffa

A History of Mismanagement and the Incompetence of the Bligh Labor Government had Queensland in a vulnerable financial position before the floods hit, the Opposition said today.

Shadow Treasurer Tim Nicholls said today’s Mid Year Fiscal and Economic Review (MYFER) demonstrated how badly Anna Bligh and Labor had mismanaged the State’s finances.

“While Treasurer Andrew Fraser is keen to blame everything, including the delayed release of the MYFER, on the floods, the figures released today show Queensland’s budget was on the rocks well before the floods hit in the past few weeks.”

 

“Andrew Fraser has described the budget as a roller coaster I think it’s more like a House of Horrors.” Mr. Nicholls said.

“This is a terrifying budget, where the AAA credit rating gets it in the neck, Government Debt nearly doubles from $20 Billion to $40 Billion over the next 3 years, and deficits are forecast to blow out to almost $4 Billion per year.”

“What’s more, after all the pain of the asset sales Queensland will still end up owing the rest of the world nearly $80 Billion.” Mr. Nicholls said.

“Our economy was not prepared for a natural disaster because this long-term Labor Government had already run up big debt and deficits.

“Now we are seeing the Cross River Rail Project delayed and a $1.5 Billion hole appear in their debt repayments because Labor cannot manage the State’s budget.” Mr. Nicholls said.