I have posted this before, but it shows the spending by this government. Blame the ALP if you want, blame the GFC, the fall in iron ore prices, the way Howard/Costello gave handouts we cannot afford now, etc but this is their second term - when do they take the responsibility?
The Labor Party was in government for 70 months from November 2007 to September 2013, during which time gross government debt rose $320 billion. A mix of collapsing revenue from the terms of trade slump plus the huge fiscal policy stimulus associated with the global financial crisis accounted for the bulk of the rise in debt. The rise in government debt averaged $4.6 billion a month for those 70 months.
Recent data from the Australian Office of Financial Management shows that the Coalition government have been racking up debt at a faster pace than Labor. In the 38 months the Coalition has been in power, government debt has risen by $185 billion which is an average increase of $4.9 billion a month.
The average monthly addition to government debt is therefore $300 million more under the current Coalition government policies than it was under the previous Labor government. That’s around $10 million a day of extra government borrowing, every day, under the Coalition than was the case under Labor.
