Labor locks in more debt and higher unemployment

The soaring debt, lower growth and higher unemployment forecast in today’s Budget update shows Labor has broken the Queensland economy, LNP Deputy Leader Tim Mander said.

“Every economic indicator is now heading in the wrong direction under Labor,” Mr Mander said.

“Jackie Trad’s plan will do nothing to help the 177,000 Queenslanders who will be out of work this Christmas or the thousands of businesses in danger of going broke.

“Labor’s raid on public servants’ superannuation is not a debt plan, it’s a sham.

“According to Jackie Trad’s own figures, it will take the ‘Future Fund’ 230 years to clear Labor’s massive debt.

“Labor’s own savings measure on consultant spending has also come up well short of the $1.7 billion they promised only six months ago.

“Labor’s not working.”

The Mid-Year Fiscal and Economic Review today showed:

  • Debt – Debt has blown out by over $1 billion to $91.8 billion in 2022-23.
  • Forecasted unemployment – Forecasted unemployment has increased by an average of 0.25% for an average of 6.25% this financial year.
  • Economic growth – Forecasted economic growth has been revised down by 0.5% to 2.5% this financial year
  • Royalties – Jackie Trad has made a $1.13 billion royalty blunder.
  • Interest payments – Queenslanders will be forced to pay almost $13 billion in interest on Labor’s ballooning debt over the next four years.

“Annastacia Palaszczuk won’t sack Jackie Trad for her integrity scandals, but the Premier should sack her Treasurer for destroying Queensland’s economy,” Mr Mander said.

“Queenslanders cannot afford this reckless, financially incompetent government to run this state for another four years.

“The LNP will end Labor’s wasteful spending and manage the Budget to provide better services, like health, education and transport.”

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