treasurer joe hockey says commonwealth debt..., page-88

metal,

There were no revenue write downs. The tax take went up in every year of Labor.

The problem was that Labor came up with crazy numbers for increased tax take in their budgets. Those numbers never had a chance.

For example they predicted an 11% increase in revenue and were surprised when it only came in at a 7% increase.

Revenue went UP each year but Labor kept spending more than the revenue increase. Hence the large outstanding loans.

It will take time to unwind the spending increases of Labor.

Spend spend spend was the problem. Talk of revenue write downs is all just pure spin from Labor.