Turnbull’s swipe at Costello: I spend less than he did

The PM says his government controls spending better than the former treasurer did in Howard government budgets.

Former federal treasurer Peter Costello in Sydney today. Picture: AAP

Malcolm Turnbull has taken a swipe at Peter Costello, declaring his government is controlling spending better than the former treasurer did when he handed down budgets for the Howard government.

The Prime Minister hit back at Mr Costello after the Liberal Party luminary questioned whether the Turnbull government would be around for long enough to secure its full tax plan, which would take effect in 2024.

Mr Turnbull said his government was planning for the long term and also noted it had secured lower spending growth than the Howard government, of which Mr Costello was treasurer for more than 11 years.

“We have the lowest rate of spending growth of any government in the last 50 years, including the government Peter was treasurer in. That’s just a point,” Mr Turnbull said.

“So we have brought back the rate of spending growth.

“The second point is this: governments have to plan for the long term and every tax reform is one that is set out for the long term.

“Every tax change is put in place and it continues until it is repealed or amended or varied in some point in the future. So, what we have is a budget that is bringing us back into

balance a year earlier, with a small surplus. We have turned the corner on debt.”

Mr Costello today questioned whether the Turnbull government would still be in power in 2024 when its full tax proposal is scheduled to take effect.

“The trouble is 2024, will this government be there in 2024? If you announce a tax plan for 2024 you have to get home in two elections to actually deliver it and nobody can control the political cycles,” Mr Costello said.

Mr Turnbull said it was important Australians saw that their governments were planning for the long term.

“We make no apologies for being a government with a... long-term vision to secure Australia’s future, to secure our security and indeed our prosperity for all of us,” he said.

Mr Costello also spoke out on the night before last week’s budget, questioning whether big business tax cuts were worth the political pain.