Today’s cry for help from states and the business community is another damning indictment of the Liberals’ failures on infrastructure and the economy.
Several states – including the NSW Liberal Government – have urged Scott Morrison to bring forward his infrastructure promises from the never never to now to stimulate Australia’s floundering economy.
And business leader Tony Shepherd – the architect of the Liberals’ own Commission of Audit – has also called on Morrison to invest urgently in infrastructure maintenance.
These pleas follow repeated calls by the Reserve Bank Governor to invest in infrastructure to lift employment and wages and drive economic growth.
The RBA Governor, the states and the business community have now endorsed Labor’s call for the Liberals to make urgent infrastructure investments to stimulate the economy. Why won’t Scott Morrison listen?
Under the third term Liberals, the economy is floundering and middle Australia is struggling.
Growth is just 1.8 per cent for the year – the lowest annual figure since the Global Financial Crisis – and Australia is still in a GDP per capita recession.
This has forced the RBA to cut interest rates to record lows – but it’s getting no help from the Liberals.
The Abbott-Turnbull-Morrison Government has made deep cuts to infrastructure investment, particularly public transport, and consistently failed to deliver on its promises. Over their first five budgets, the Liberals delivered $5.1 billion less for infrastructure than they promised.
The 2019 Budget continued this shocking record, with big promises on the never never, but just a fraction of the needed investment budgeted. According to the Government’s own Budget Papers, more than 70 per cent of the “new” funding announced in the Budget will not flow for at least another four years.
In contrast, Labor went to the election with a commitment to invest $5 billion more on infrastructure than the Liberals over the next four years.
Labor’s nation-building infrastructure plan included dozens of shovel-ready projects that would boost our economy and improve the lives of Australians, particularly in the regions.
Labor stands ready to work with the Liberals on these projects and others.
But first the Liberals must listen to the RBA Governor, states and business community and start taking infrastructure investment seriously.