Treasury has predicted federal Budget deficits totalling $224 billion over the next four years, while the new Labor government has inherited a $1 trillion debt from the spendthrift Coalition.
Shadow treasurer Angus Taylor says the Opposition will seek to ensure that Labor’s “heavy-handed approach” to spending does not result in higher inflation, taxes and interest rates, while shadow finance minister Jane Hume says the Opposition will work to see that Labor does not allow the Budget to run away from it.
Both Hume and Taylor have indicated that getting the Budget under control will form part of their strategy of attack against Labor to help rein in inflation.
