Treasury Shot Across the Bow Needs Action Today

Responding to today’s release of Treasury’s 2025 Long-Term Fiscal Statement, Taxpayers’ Union spokesman James Ross said:

“This was a shot across the bow from Treasury. One way or another, change is coming. We either pick how now, or have the markets make much more unpleasant choices for us.”

“The Treasury Secretary couldn’t have been clearer that the longer we delay, the greater the adjustment we’ll need. Every month delayed makes the future that little bit more painful. It means higher taxes, lower incomes, and less ability to overcome future crises.”

“Our current track has government finances driving straight into a wall. An aging population, increasing health costs, and record levels of government spending have Net Core Crown Debt set to hit 200% of GDP by 2065, compared to just 19.4% in 2018. Interest costs per household could top $60,000 a year.”

“There’s no one silver bullet. Pro-growth tax reform, spending restraint, and welfare reform all need to go hand in hand.”

“This is the time for a full financial reset, to resize government and make way for growth. With one of the largest structural deficits of any developed country and no pathway back to surplus, just shifting money around won’t cut it.”