Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

Don't believe me if you don't want to, but believe the IMF, which released a report in February this year that found that Labor's spending would rise to 26.5 per cent of GDP by 2023. That is up from today's 25.9 per cent, so it would increase as a percentage of GDP. The IMF said:

… health and disability spending are expected to increase over the next decade by ½ percent of GDP each, and education, assistance to the aged and pensions by 0.2 percent each.

That is the equivalent of an extra $32 billion a year in spending in today's dollars. That would take the budget deficit this year to well over $70 billion. Labor can be in denial about this, but it is a fact identified by the Treasury, by every credible commentator, by the IMF, by those people who are determined to tell the truth.

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