After heavy criticism of the Rudd Government’s handling of the economic crisis, the Federal Opposition have announced their own plan for economic recovery.
In an interview with David Koch on morning program Sunrise, Malcolm Turnbull criticised the Rudd Government’s stimulus package, labelling the $900 payments as “cash splashes” and that the Government has not done enough to create jobs.
“The only thing I’ll guarantee you these cash splashes will deliver is bigger and bigger mountains of debt, which will mean higher interest rates and higher taxes in the future – no jobs.”
Turnbull said that the Opposition were focused on creating jobs and had created their own economic recovery plan.
On the agenda is job creation, tax relief for business, and investment in infrastructure.
“We want to provide real incentives for businesses to keep people on the payroll. So we’ve proposed measures that will lower the cost for small business of employing people by rebating a portion of the superannuation guarantee contribution.
“We’ve proposed tax relief, bringing forward tax cuts due for July 1 this year and July 1 next year,” Turnbull said.
Turnbull also said that the Government also needs to focus their attention on infrastructure, a sentiment echoed by the IMF, who have said that cash bonuses are not the best way to stimulate the economy, and the Australian Government should instead focus their attention on speeding up infrastructure payments.
(Read the full story here).