Budget brings little good news for Bradfield

Paul Fletcher, Federal Member for Bradfield said the Budget is a major disappointment for residents of Bradfield.

“For Bradfield Businesses, the promised one per cent cut in company tax has been withdrawn”.

“For the 85% of Bradfield residents with private health insurance, reductions to the Private Heath Insurance Tax Rebate are likely to mean private health insurance costs more”.

“For Bradfield residents wanting to boost their superannuation contributions, the contribution limit has been kept at $25,000 – and the promised increase for those over fifty has been deferred to 2014”.

“This year’s Budget demonstrates no plan to build a stronger economy, repay debt or create secure jobs”, Mr Fletcher said.

“It delivers more borrowing, more taxes, record debt – and the world’s biggest carbon tax.”

Mr Fletcher said five days before the last election, Julia Gillard promised “there will be no carbon tax under the government I lead” - yet this year’s Budget 2012 is Australia’s first carbon tax Budget.

 “The carbon tax will be a drag on the local economy and we will all be paying for it through increased prices, higher energy bills and pressure on local businesses.”

Mr Fletcher said he was also concerned about the government’s announcement that it will seek to increase Australia’s debt ceiling to a record $300 billion – four times higher than it was in 2008.

“We will see net government debt climb to a record in 2013-14.” 

“And by 2015-16, the government will be spending over $8 billion a year or around $22 million a day on interest payments alone.”

“We are now paying the price for Labor’s four record deficits which together total $174 billion.”