JIM CHALMERS MP, SHADOW MINISTER FOR FINANCE
ANDREW LEIGH MP, SHADOW ASSISTANT TREASURER
CORMANN THINKS BILLIONS OF DOLLARS NOT 'THAT MUCH AT ALL'
Just when you thought the Liberals couldn't get more out of touch, the Finance Minister declares that billions of dollars isn't a lot of money.
Mathias Cormann was asked on 2GB about the “blowout” associated with the cash refundability of imputation credits:
DEBORAH KNIGHT: So you are happy with the fact that it is costing the economy that much?
MATHIAS CORMANN: It is not costing the economy that much at all.
(Nights on 2GB, 13 March 2018)
The fact is, the measure cost the federal Budget $550 million a year when it was introduced in 2000, it now costs well over $5 billion a year – and is expected to rise to $8 billion a year within 10 years.
Losing $8 billion a year in revenue is equivalent to more than we are spending on Australia’s public schools, this year.
When the Liberal Finance Minister thinks more than $5 billion a year is not much money, it’s no wonder the deficit has blown out eight-fold, net debt has doubled and gross debt has crashed through half-a-trillion dollars for the first time ever on their watch.
WEDNESDAY, 14 MARCH 2018