LIBERAL PARTY TO STRENGTHEN THE NATION'S FINANCES AND BUILD OUR REGIONS FOR FUTURE GENERATIONS

LIBERAL PARTY TO STRENGTHEN THE NATION'S FINANCES AND BUILD OUR REGIONS FOR FUTURE GENERATIONS

An elected Liberal Government will deliver strong economic management by ensuring Australia’s resource wealth works for all Australians.

If elected, a Dutton Government will establish two nation building funds within the Future Fund to manage windfall revenue responsibly.

The two funds will be seeded from 80 per cent of any positive windfall receipts variations each year.

Our Future Generations Fund and Regional Australia Future Fund will lock in the benefits of windfall and use it to help to pay down debt, invest in nation building initiatives, and drive growth in the regions.

Labor has blown almost $400 billion in extra revenue and still racked up $1 trillion in debt, driving up inflation and extending their cost-of-living crisis for Australians while neglecting investment in regional Australia.

The Liberals will put an end to Labor’s waste and ensure future windfalls go towards:

• Lower debt to ease pressure on inflation and interest rates;
• Nation building infrastructure and economic reform to boost investment and productivity; and
• Stronger regional economies to create jobs and opportunities outside big cities.

Unlike Labor’s big spending funds, these funds will be financed on an ongoing basis by real windfall revenue instead of new debt, bolstering the federal balance sheet and reducing net debt.

Member for Barker Tony Pasin MP said Labor has wasted the windfall and delivered higher debt, higher taxes, and higher spending.

It was the former Howard Government that established the Future Fund that has contributed greatly to the sustainability of Australia’s public finances and reduced the intergenerational burden of government debt.

“The Howard Government’s decision to establish the Future Fund in 2006 was the kind of forward thinking we expect from an effective and fiscally responsible Government.

“The announcment builds on the Coalition’s record of strong economic management and will strengthen Australia’s economic resilience today in the interests of future generations of Australians, particually for our regional communities who will benefit from a new Regional Australia Future Fund,” Mr Pasin said.

Mr Pasin said, once established the Regional Australia Future Fund will invest a fair share of the profits created through the hard work of regional Australians back into the regions.

“This is a game changer for regional Australia. It means we don’t have to fight for funding shortfalls to provide infrastructure in regional areas,” Mr Pasin said.

“The Fund will deliver secure and sustainable long-term funding into tackling challenges that hold back regional communities and invest in building the long-term economic foundations of regional Australia to address future challenges.”

The Fund will be transparent and benchmarked with a legislated State of the Regions review by an independent committee, which will inform each four-year investment plan.

Initial key priorities of the Regional Australia Future Fund, include:

• Fixing local road and transport networks to save country lives and drive economic productivity.
• Growing the regional health workforce so families can access health and aged care – local and affordable.
• Developing regional industries to drive economic growth and create secure jobs.
• Delivering flexible childcare solutions for families in regional, rural and remote areas.
• Growing tourism industry opportunities for regional communities and economies.
• Supporting regional businesses to market and export their product to new and expanded markets.
• Improving regional mobile and internet services for country communities.
• Building and upgrading economic and community infrastructure, facilities and services.

“Mr Pasin said the funding stream will supplement, not replace, normal government funding across these critical areas where regional Australia faces unique challenges.

“This will be a perpetual fund to future-proof regional Australia against short-term, short sighted decisions and governments who starve regions of funding,” Mr Pasin said.

“Following a decade of delivering substantial investment into Barker under the former Coaliton Government, the last three years has seen communities starved of funding under Labor.

“From childcare in Kingston SE, upgrading the Mount Gambier Saleyards or improving mobile phone service local regional communites have had to fight tooth and nail in an attempt to see Labor Government to invest in critical infrastructure and services.

“The Liberal Party will get regional Australia back on track for sustainable, future generatons,” Mr Pasin said.