Queensland Election 2017: Labor urged to adopt debt reduction strategy

ECONOMISTS and business chiefs say Australia’s newest voters need to stand up and demand a debt reduction strategy from Premier Annastacia Palaszczuk, or they’ll be paying the price into their old age.

Business owners want a proper debt reduction plan from Annastacia Palaszczuk.

BUSINESSES are poised to demand a proper debt reduction plan from a second-term Labor Government.

Millennials have been called on to rise up and demand action now to save them being stuck with the mess.

The Chamber of Commerce and Industry Queensland (CCIQ) joined economists yesterday to call for a solid economic plan from Premier Annastacia Palaszczuk to shave off more than the $276 million she promised to carve from the state’s $80.8 billion debt bill by 2020-21.

CCIQ advocacy boss Kate Whittle said while neither major parties had demonstrated a “responsible and practical” plan, it was now on a re-elected Labor to re-examine the issue.

CCIQ advocacy boss Kate Whittle wants the Government to re-examine the issue of debt reduction.

She said the CCIQ was awaiting the new Cabinet to begin discussions on “how we can cut spending to immediately inject confidence into the business community”.

“They didn’t see any of that during the campaign period and that was worrisome for them,” Ms Whittle said of CCIQ’s 400,000 small business members.

“There doesn’t seem like there’s much appetite for it.”

She pointed to the group’s pre-election polling of its members that showed debt reduction was a key priority, as it was for several business groups and economists in the lead up to the November 25 poll.

Economist Nick Behrens, who ran unsuccessfully for LNP preselection, criticised both major parties’ lack of policy. However he said it was incumbent on millennials to demand “lazy” politicians did not pass the problem to them because it was easier than fixing it.

Economist Nick Behrens said mobilising young voters is the way to get action on debt. Picture: Annette Dew

“You really have to motivate the millennials to take an active interest in debt and they’re just not interested in the issue of debt,” he said.

“The millennials need to take some responsibility for considering the issue of debt and making it more important and holding politicians to account.”

He said ultimately it would be their problem when frontline services needed to be cut or taxes increased.

Meanwhile, Adept Economics and former federal Treasury economist Gene Tunny urged the Government to adopt a 2 per cent ceiling for spending increases, look for efficiencies in the high-growth areas of health and education and concentrate on running bigger surpluses.

Originally published as Queensland Election 2017: Labor urged to adopt debt reduction strategy