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Costello slams Government stimulus handouts

Peter Costello has come out of hiding and has launched a scathing attack on the Federal Government, slamming them over their handling of the financial crisis, along with the infamous stimulus package cash handouts.

He said the cash handouts were unlikely to stimulate the economy and will just put the country into even more debt.

“The Government wanted to avoid a negative quarter (in the December 08 quarter) and was prepared to spend $10-billion in order to stop it.

As it turned out, they got a negative quarter anyway and of course, the cheques that are going out at the moment are designed to try and stop a negative March quarter and a negative June quarter,” he said.

He said that Rudd’s spending was “reckless” and that it “must stop.”

Instead he argues the Government should be spending the money on programs with long-term benefits such as infrastructure projects.

Malcolm Turnbull had similar opinions on morning program Sunrise last week, criticising the Government’s “cash splashes.”

He announced a Coalition economic recovery plan which includes an increased investment in infrastructure. (Read the full story here)

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