The Federal Member for Maribyrnong, Bill Shorten, has welcomed confirmation that the Gillard Government is on track to return the budget to surplus, and maintain the health of the economy.

Yesterday the Government released its Mid-Year Economic and Fiscal Outlook which shows again that the fundamentals of the Australian economy are strong and remain the envy of the world.

“I believe that having one of the strongest economies in the world has meant a better deal for everyday people in our community.

“The strength of our economy didn’t just happen by accident, it’s happened as a result of the strong economic management of the Gillard Government.

“I’m always working to make sure our strong economy brings real benefits for the families, householders, businesspeople and retirees of Maribyrnong,” Mr Shorten said.

“One of the best things about having a surplus means that Reserve Bank has maximum room to cut interest rates, as they have done repeatedly over the past year.

“There are almost 16,000 people alone in our community with a mortgage, so this is a big deal for all of those households.

“A family with a $300,000 mortgage is paying around $4500 a year less than they were under the previous government” said Mr Shorten.

Mr Shorten said that while the Government had to find savings in the Budget to deliver a surplus, he said that this was done in a way aimed at protecting low and middle income families and the community’s most vulnerable.

“We are striking a balance by finding savings where we can to ensure the economy maintains its healthy pace, while also delivering reforms like the schoolkids bonus, increased superannuation, and the tax break for small business, Mr Shorten said.

 

Contact:

Jayne Edwards 0410 455 737

Kieran Barns-Jenkins 9326 1300