After years of Labor Government budgets where government borrowed just to pay welfare payments, last night’s budget represents the turnaround with this year’s budget deficit being $18.2 billion less than half of what it was just two years ago.
This is the best budget outcome since the Howard Government’s last budget a decade ago.
The deficit will fall again to $14.5 billion the following financial year.
And in the next year 2019/20 the budget will return to a modest balance of $2.2 billion and increase to $11 billion surplus in 2020/21 and $16.6 billion in 2021/22.
Every year of Labor Government Wayne Swan promised a surplus and every year the deficit actually grew.
Families and businesses have to live within their means for very obvious reasons.
Labor Government’s thought this basic principle didn’t apply to them and they always spent more than they earned and had to continue borrowing to make ends meet.
Our children and grandchildren were left to pay for our generation’s excesses under Labor Governments.
This has now all changed and under Liberal National Governments our nation, like our homes and businesses, is living within its means.
And all of this is being done at the same time as we are providing record spending on health, education and infrastructure and giving taxpayers back more of the money they earn.