Labor’s poor economic record

Labor's historical record

Over the last 30 years, Labor Governments have delivered, on average, higher unemployment, higher interest rates, and higher electricity prices. And not a single balanced budget.

The last time Labor balanced a budget was in 1989.

The last Labor Government

Labor can’t manage money. The previous Labor Government’s waste included:  

• a $17 billion blow out from failed border protection policies;
• around $7 billion wasted from excessive building costs from their $16 billion “Building the Education Revolution” (school halls rip off);
• over $2 billion from the pink batts fiasco, which resulted in 220 house fires and 70,000 repairs.

After inheriting a $20 billion surplus, Labor delivered 6 deficits totalling $240 billion.

In 2014, the International Monetary Fund reported Australia’s government spending growth between 2012 and 2018 (under Labor’s budget settings) was projected to be the highest among 17 advanced economies.

The previous Labor Government introduced the world’s biggest carbon tax, a disastrous mining tax and tried to introduce a fringe benefits tax on salary packaged or employer-provided cars.

In 2012-13, when Albanese was in Cabinet, Labor cut Defence spending to its lowest level since 1938.

In 2011, Labor also stopped funding medicines on the Pharmaceutical Benefits Scheme – including medicines for severe asthma, chronic pain, schizophrenia, blood clots, endometriosis and enlarged prostates.

It was left to the Coalition Government to fix Labor’s mess.

In 2018-19, the Coalition achieved the first balanced Budget in 11 years.

Labor in Opposition ‍

Labor tried to stand in the way of repairing the Budget.

If Labor had their way, Australia would not have been in as strong a position to respond to COVID-19.

Labor would have spent an additional $81 billion during the pandemic – including $300 cash incentives for Australians that were already double-vaxxed, free rapid antigen tests, an expansion and extension of JobKeeper and higher coronavirus supplement payments.

This would have added a further 10% to Australia’s debt.

Labor have made $302 billion of vague promises but they refuse to say how they would pay for them.

Despite advertising that their policies were “fully costed”, one of Labor’s first policies released during the campaign, for urgent care clinics, had not been formally costed by the Parliamentary Budget Office, as they had claimed. (Source: Senator Katy Gallagher, Twitter, 14/04/22)

Labor’s higher spending would put more pressure on inflation and interest rates.

It would also mean higher taxes.

At the last election, the Labor team, including Mr Albanese, argued for $387 billion in higher taxes – on retirees, housing, incomes, investments, family businesses, superannuation and more.

Australians simply can’t trust Labor when it comes to taxes, or the economy.