Liberal Member for Penrith Stuart Ayres MP, today expressed alarm at the poor state of the Federal Budget and the implications this terrible approach to economic management has on Penrith and western Sydney.
\”The Federal Treasurer Wayne Swan, supported by his understudy David Bradbury has over 4 budgets delivered a cumulative deficit of $173 Billion Dollars. This is 3 and half times the annual NSW state budget\”. Mr Ayres said
\”In their most recent budget the deficit blew out from $22bn to a mindboggling $43bn. Mr Swan and Mr Bradbury have now racked up almost $150bn of national debt. This is clearly not a sustainable position.
\”Federal Labor has received a 21% increase in receipts (revenue) but at the same time is overseeing reduced funds for state budgets like NSW. Over the next 4 years Mr Swan and Mr Bradbury’s approach to economic management will oversee a $5bn dollar reduction of GST revenue to NSW.\”
\”That’s $5bn less that NSW could be investing in Education, Health, Law and Order, Public Transport and Roads.\” Mr Ayres said.
NSW is not alone; this is what the others states had to say in their own budget statements;
- South Australia – Budget Overview 2012-13
“Total taxation and GST revenues have been revised down by more than $2.8 billion since the 2011-12 Budget, placing great pressure on the state’s finances.”
- Tasmania – Budget Overview 2012-13
“Since the onset of the global financial crisis Tasmania’s Budget has lost $1.8 billion of expected GST and state tax revenue.”
- Victoria – Budget Overview 2012-13
“Revenue from GST and stamp duty has fallen by $7.6 billion over four years – or almost $2 billion a year.”
- Queensland – Budget 2012-13
“Revenue in 2012-13 is… 7.6% lower largely due to expected decreases in revenue from the Australian Government.”
- Western Australia – Budget Overview 2012-13
“There are several immediate or imminent risks, including Western Australia’s declining share of GST revenue.”
\”This approach to economic management is reckless and severely impacts on the state’s, like NSW, ability to deliver public sector services.\”
The one thing that Mr Swan and Mr Bradbury could do to improve the NSW position is to make GST distribution fair, simple and transparent by allocating it equally per capita. This would see NSW receive an extra $2.8bn over the budget period.
\”Western Sydney has also been left out of any infrastructure spending by Federal Labor. They have received tens of billions of dollars in extra revenue and not spent a cent of it on any transport infrastructure in western Sydney, like the M4 East or North West rail Line\” Mr Ayres said.
\”This Federal Labor Government is no different to the past NSW Labor Government; it just doesn’t care about Penrith or western Sydney.