The Coalition Government expects to release a “substantially worse” mid-year budget update next month, and Treasurer Joe Hockey says the former Labor government is to blame.
Via the AFR, here’s what Hockey told 2GB’s Alan Jones this morning:
It’s extremely challenging and before Christmas I will release the actual state of the books in what is known as the MYEFO. That will illustrate the depth of the problem we’ve inherited and the budget will offer the solution.
Every cupboard I open has spiders in it, that’s what’s happened at the moment.
Hockey said the ACCC had asked the Government for more than $100 million, as it would run out of money in April after running at a loss for four years.
Shadow treasurer Chris Bowen told ABC Radio that Hockey’s ACCC claim was “another furphy”, arguing: “Different government agencies from time to time require top-ups.”
Since taking office, Hockey also has moved to lift the Government’s debt ceiling from $300 billion to $500 billion, after criticising the former government for its level of debt.
There’s more on the Fin.
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