The Taxpayers’ Union is welcoming the latest Treasury forecasts of an OBEGAL surplus by 2028/29, but points out that an operating surplus is not enough to pay down debt.
Taxpayers' Union spokesman James Ross said:
“The Government will be keen to say it’s back on track to surplus, and on paper it might be. But despite a 2031 drop in net core crown debt, there’s not a single forecast year where total crown borrowings will reduce.”
“Government debt will still increase by $17,575-per-household between the last budget and 2031. Finance costs will be $7,288-per household by the end of the decade, more than police, corrections, and schools combined. And there is no cash surplus until 2031.”
“Although the start of recovery needs to be congratulated, better than forecast does not mean good. Whoever is in Government after November’s election needs a credible plan for finally bringing the debt spiral to heel this decade.”
No debt paid down this decade
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