Anniversary of Rudd’s Cash Splash - The Day The Debt & Deficit Began

February 03, 2018

On 3 February 2009, then Labor Prime Minister Kevin Rudd announced the most profligate, ill-thought through, poorly-targeted and reckless fiscal stimulus package in Australian political history – the second (and biggest) of several packages in ‘response’ to the Global Financial Crisis (GFC).

Spun as the “Nation Building and Jobs Plan”, the $42 billion Rudd stimulus plan involved an eye-watering cash-splash including:

  • $14.7 billion for over-priced school halls,
  • $3.9 billion to insulate home roof cavities (with questionable safety standards) and
  • over 8 million personal $950 bonus payments to Australians, an appalling number of which were deceased or overseas.

This is the day where the debt & deficit began, a mess that no government or senate as yet has had the fortitude and capacity to resolve.

Federally, we lost the budget surplus built up and sustained during the Howard era and have not been able to get back to surplus since, despite the promise of one being imminent.

You can take action today to stop the culture of debt & deficit and help take us back to sustained surplus by:

  • sharing on Twitter our post backing a senators’ pay freeze until the budget is in actual surplus
  • recruiting more of your family and friends to become Conservative Party members, focused on getting Australia back in the black, and/or
  • adding some black to what you wear and be ready to explain the need to get the federal budget back in the black on this 3 February anniversary of the reddest day in Australia’s political history.

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