Independent review confirms Labor’s budget is unbelievable and unsustainble

An independent Report on the ACT’s fiscal sustainability has once again delivered a damning verdict on the ACT Labor Government’s economic management, confirming years of reckless spending and poor financial decisions have placed the Territory on an unsustainable path.

The final report of independent economist Saul Eslake, found that the ACT’s financial position cannot be characterized as ‘sustainable’, and that the deterioration in the ACT’s financial position was “entirely due to conscious policy decisions taken by the ACT Government”, destroying Labor’s attempts to blame external economic pressures for the budget crisis.

The report also warns on the ACT’s growing debt and ongoing deficits, raising serious concerns about the long-term burden being placed on Canberra families already struggling with rising rates, taxes and cost-of-living pressures.

Canberra Liberals Leader Mark Parton said the report should end the excuses.

“Saul Eslake’s interim report was a wake-up call. His final report should be the end of Labor’s deflection and denial,” Mr Parton said.

“Labor has made conscious decisions to increase net debt ten-fold in a decade, with half of that happening in the last three years. It was never bad luck. It was their conscious choice.”

“The Territory’s finances have deteriorated because Labor chose to keep spending more without a credible plan to pay for it.”

Shadow Treasurer and Shadow Minister for Youth Affairs, Ed Cocks observed that the report reveals that the entire cost of Labor’s big vanity projects, and the cumulative burden of over a decade of borrowing to pay for today’s services is being passed on to young Canberrans and future generations.

“The report shows that Canberra’s problems are not yet insurmountable. The Government is not yet insolvent. But the Budget isn’t going to fix itself,” said Mr Cocks.

“It’s going to take honest budgeting, disciplined spending and a credible path back to fiscal sustainability. The report shows how the Government has failed Canberrans on each of these fronts.”

Under Labor, you pay more and get less.