Labor’s road to ruin

Australian Conservatives Release

Economists and analysts say Bill Shorten’s budget reply lacks detail and support for business. The Conservative Party wants to stop Bill Shorten, Labor and the Greens taking Australia down the road to ruin.

In his response to Tuesday’s budget handed down by Treasurer Josh Frydenberg, Mr Shorten announced increased tax rates for higher income earners, restrictions to negative gearing and an end franking credit rebates.

PwC Australia chief executive Luke Sayers said Shorten’s reply, “disappointed” in its lack of support for business.

“Businesses create jobs and pay taxes which go to funding essential services. We need policies that champion the critical role businesses play in our society.”

“This is essential for the long-term fiscal sustainability of Australia, and to ensure we have capacity at the federal level to respond to any shocks in the market,” he said.

“Ultimately improved productivity needs to be at the heart of policy so that we can pave the way for higher wages and sustained economic growth,” he continued.

AMP chief economist Shane Oliver said Shorten’s budget-in-reply speech underscored Labor’s “vastly different” approach to economic policy.

“But it will likely lead to nervousness in the Australian sharemarket and the changes to negative gearing and capital gains tax will be negative for property prices,” he said.

The Conservative Party is standing Senate candidates in every Australian state this federal election to stop the tax-and-spend policies of Labor and the Greens becoming a reality.

To protect and preserve Australia’s culture, values, traditions and freedoms and to bring back common sense to Canberra, vote “1” Conservatives in the Senate.

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