From Bad To Worse: Government’s $82 Million Drop

The ACT 2012-13 Budget Review tabled in the Assembly today shows the government borrowing more funds than previously announced and yet they still struggle to return the budget to surplus said ACT Shadow Treasurer, Brendan Smyth.

“The budget outlook is $82 million worse off over the next four years, because the government continues to spend beyond their means. Despite this the government still wants us to believe that they can return the Budget to surplus in 2015-16,” Mr Smyth said.

“The update also reveals that the government will borrow almost $100 million more this year than anticipated.

“What this shows is that the government’s tax and budget policies are not working. Canberrans now live in what is regarded as the highest taxing jurisdiction in the country and yet this financial year we will still see one of the highest deficits ever.

“The government needs to explain what programs and services they will cut or what taxes they will increase to plug this hole,” Mr Smyth concluded.