VIDEO: Why I’m voting against the Loan Bill — Stonehouse
The Government has asked me to vote in favour of a bill allowing the Treasurer to borrow $11 billion dollars to ‘pay for the basics’.
I’m going to oppose this bill and here’s why.
The Treasurer does not need $11 billion to keep the government running. That figure is an estimate of four years’ worth of borrowing to June 2021 and it assumes the Government will not tighten its belt.
What the Treasurer seems to be trying to do is to remove all sensible constraints on spending over the entire parliamentary term in one fell swoop while the Liberals are still shell-shocked and other MPs are new.
This is not a loan bill, it’s a licence to spend.
Well he’s not fooling me. I’ll be introducing a motion to refer the Loan Bill to the lower house and ask the Government to revise it cost estimate to cover a one year period.
I am prepared to support the Government but I want to verify that they mean what they say about prudential economic management before I give them any blank cheques.
Many young people like me are still scarred by the experience of the former Government which focused more on cutting ribbons than they did on creating jobs.
Their legacy is a debt-to-revenue ratio of 83% per cent and a bucket load of Barnett vanity projects. You’d think the former Premier was compensating for something.
We can’t afford to make the same mistakes again.