By Andrew Bolt ~
Eleven months into the job, Australian Prime Minister Malcolm Turnbull discovers we have a debt crisis:
Turnbull has unveiled the central mission of his new government and the obligations falling on the coming parliament — it is a moral appeal for all MPs to confront, admit and act on Australia’s unsustainable financial position…
Turnbull says: “The essential obligation of this parliament has got to be coming to terms with the economic reality of our situation, putting aside the blame game, we should just recognise that we are living beyond our means and we have to have an honest debate about how we are going to deal with it.”…
Australia’s debt now stands at $430 billion with interest payments running at $16bn annually. Gross debt increases by about $6bn a month.
Reader Peter of Bellevue Hill:
This in August from a bloke whose budget in May ‘improves’ the fiscal bottom line by a comical $1.7b over the next four years, while adding $85b to the debt over the same period. With no actions to back his words, Turnbull’s quotes are drivel.
Treasurer Scott Morrison set out to shock Australians on Thursday … with his warnings about possible recessions and trillion-dollar debt unless the task of Budget repair is tackled seriously.
But the speech will not solve the problem. It contained no proposals to break the political stalemate that prevents parliament passing significant measures to deal with deficits and debt…
If the Coalition and Labor are to find common ground on Budget repair, it will … require a willingness to lose some face on both sides — and the abandonment of the kind of hypocrisy engaged in over an “omnibus Bill” of spending cuts that the government claims Labor supported during the election campaign.
A government genuinely interested in a bipartisan result would have quietly discussed the legislation with Shorten and shadow treasurer Chris Bowen to reassure them there were no traps.
Instead, minister after minister demanded publicly that Labor pledge support for the Bill without even seeing it. That was partisan politics of the crudest sort and it backfired.
Andrew Bolt writes for the Herald Sun, Daily Telegraph, and The Advertiser and runs Australia’s most-read political blog. On week nights he hosts The Bolt Report on Sky News at 7pm and his Macquarie Radio show at 8pm with Steve Price.