The independent Parliamentary Budget Office (PBO) has today confirmed that Victoria faces four more years of more debt and higher taxes under Labor, says the state Opposition.
The PBO’s comprehensive report of political party election platforms compares the economic impact of party election promises from the recent state election.
According to the Shadow treasurer Brad Rowswell, the PBO has found that under Labor;
- Net debt will increase by an additional $65 billion over the next four years, now totalling $165 billion by 2025-26.
- Election promises alone add $655 million in additional taxation over the decade.
- Victoria’s interest expense will continue to rise.
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Brad Rowswell says under a Liberals and Nationals Government,
- net debt and interest repayment would be lower than under Labor; and
- tax revenue would be $3.2 billion lower over the next decade.
That says Mr Rowswell, will mean more money in the pockets of every Victorian.
With CPI increasing to 7.8%, my statement from last week holds true: Victoria's 'strength' as the nation's greatest retail spender is unsustainable #springst
More here: https://t.co/ox2IJPFEgJ https://t.co/6Hw8y8kzER
— Brad Rowswell MP (@BradRowswell) January 25, 2023
About this $3.2 billion less tax revenue, the PBO says:
“The Liberals and Nationals announced taxation policies that would decrease tax revenue by cutting 7 existing taxes and providing landfill levy relief to charities, costing $3,164.9 million.”
“In contrast, Victorian Labor announced one taxation policy, to hire new staff in the State Revenue Office to increase compliance with existing tax obligations. This would increase net position by $556.4 million, with an increase in revenue of $655.4 million partially offset by a $99.0 million increase in expenses to hire new staff and undertake compliance works.”
The Andrews Labor Government’s used the Department of Treasury and Finance to cost their election promises instead of the independent PBO.
Labor’s decision to use the Department of Treasury and Finance was politicization of the public service, claims the state Opposition.
Brad Rowswell pointed out that this was done at a time when the Victorian Ombudsman was already investigating the politicization of the public service under Daniel Andrews.
Shadow Treasurer, Brad Rowswell, said the PBO had painted a bleak picture of Victoria’s economic future under the Andrews Labor Government.
“Partisan analysis can’t hide the truth. Victorians will continue to pay the price of eight years of waste, mismanagement and entitlement under the Andrews Labor Government,” Brad Rowswell said.
“Victoria’s public service exists to work for Victorians, not to cost party political promises. Victorians deserve genuine transparency around how the government manages our state finances and economy,” Mr Rowswell added.
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