Beneath the political push and pull, the spin and the counter-spin, there is a set of figures which should alarm those who are interested in the welfare of future generations of Australians.
While treasurer Scott Morrison was heralding Tuesday night's budget as an “economic plan” and not “just another budget”, he paid next to no regard at all to the enormous debt that underpins government spending.
In the coming financial year, according to Mr Morrison’s budget papers, government debt will be $326 billion or 18.9 per cent of the value of Australia’s economy (known as Gross Domestic Product or GDP).
That is about $13,500 for every man, woman and child, every cent of which must be paid back with interest sometime in the future – exactly when, Mr Morrison does not say.
When Prime Minister John Howard left office in 2007, there was no government debt.
In fact, the world owed Australia $29 billion.
Before Mr Howard, Prime Minister Paul Keating – as controversial as he is for those who still remember him – reduced government spending to lows never before seen in Australia.
Despite the political rhetoric from both major parties, Mr Keating and Mr Howard ran budgets that were affordable.
All sides of parliament – Labor, Liberal and all shades between – must show restraint in the looming election, cut out the pork-barrelling and keep their cash promises to the important stuff.
They did not burden future Australians; even the $96 billion of debt Mt Howard inherited in 1996 seems like small fry compared to the $326 billion monster the current government has managed to summon.
In comparison, Prime Ministers Rudd, Gillard, Abbott and Turnbull have spent taxpayer cash like drunken sailors.
The treasurer said this week he would “ensure the government lives within its means, to balance the budget and reduce the burden of long-term debt”.
But how can this be the case when he himself projects the budget will not be balanced anytime soon and in ten years government debt will still be at $264 billion, which will then be 9.1 per cent of GDP?
These numbers are far from acceptable, and are a failure to protect the future generations who will be saddled with the burden.
All sides of parliament – Labor, Liberal and all shades between – must show restraint in the looming election, cut out the pork-barrelling and keep their cash promises to the important stuff.
