The record $1.2 billion deficit that the Weatherill Labor Government has delivered for this financial year is the Labor Government’s single most expensive broken promise.
Mr Koutsantonis’ record breaking budget has just delivered the largest deficit in South Australia’s history at $1.2 billion and the biggest debt in SA’s history at $14.3 billion.
“If the Weatherill Labor Government delivered the $480 million surplus it originally promised in 2010/11 South Australia would be $1.7 billion dollars better off today,” said Shadow Treasurer Rob Lucas.
Former Treasurer Jack Snelling has accurately characterised what the Weatherill Labor Government has done:
“…to take on debt merely to pay for the running costs of government is tantamount to stealing from our children …” ( Treasurer Snelling 2011/12 Budget speech)
“The Weatherill Government’s broken promise on the surplus has robbed our children of better schools, better hospitals, better transport options and better job opportunities.
“The Weatherill Government has lost the equivalent of building almost three new Adelaide Ovals since it promised a $480 million surplus in 2010-11.
“Today’s massive deficit also casts a long shadow over the Treasurer Koutsantonis’ promise to deliver a $406 million surplus in 2015/16.
“The Weatherill Labor Governemnt has repeatedly promised a budget surplus in two years time, only to deliver a budget deficit two years later.
“The Weatherill Labor Government has delivered 6 budget deficits in the last 7 years after initially promising that each one of those budgets would be in surplus.
Former Treasurer Keven Foley mapped out what the impact of those broken promises would be :
[losing the AAA credit rating] “would really send our state spiralling down into an abyss of debt”.~ (10 News Report, 14 November 2011)
“That debt has now spiraled to record $14.2 billion which is costing South Australia a staggering $2.2 million per day in interest payments,” Mr Lucas said.