Costello Credibility Shot As Fear Campaign Goes Into Intergalactic Hyperdrive
Media Statement - 20th November 2007
Peter Costello’s desperation to cling onto office was apparent for all to hear this morning (November 20) when he appeared on the Alan Jones program to peddle absurd claims and outright lies on Federal Labor’s superannuation policies.
This morning on Alan Jones, Peter Costello claimed Federal Labor has never offered bi-partisan support for the July 1 2007 super changes that included tax - free super payouts.
The Treasurer made this absurd claim knowing full well that Federal Labor supported the legislation in the parliament and said during the second reading debate on the Bills:
“…in this area of economic policy, we must plan for the very long term. With bipartisan support these reforms will maintain a stable and certain environment for savings and investment and retirement income planning.”
(Wayne Swan Second Reading Debate 13 February 2007)
Not content to lie about Federal Labor’s bipartisan support on the reforms, the Treasurer then made the absurd claim under a Labor Government:
"Everybody’s super [will] be directed to pet projects.”
Mr Costello made the absurd claim knowing full well superannuation law requires funds and trustees to decide independently where they invest superannuation funds based on the interests of their members and on delivering the best returns. In the early 1990s, Labor introduced these requirements and would not change them under any circumstances.
No wonder former Coalition Senator and Treasury Secretary John Stone wrote in the Age, on the 19 September 2007:
“Mr Costello seems to feel that he can do as he likes and that he is above the accepted community standards of truthful behaviour.”
Mr Costello’s absurd and untruthful claims come as he scrambles to resurrect his crumbling credibility after:
- His obvious misjudgement of inflation in the Australian economy following his claims in July that inflation was “right where we want it”;
- Widespread criticism of his $9.3 billion spending spree in the Coalition’s campaign launch – just one hour after the Reserve Bank lifted its inflation forecast to 3¼ percent for the year to June 2008;
- His declaration last November that the mining boom was over: “I have no expectation at all of a boom in the years ahead” (SMH 1 November 2006);
- He was left red-faced on Sunday after a $377 million costing black hole emerged in the Coalition’s hospitals policy;
- He claimed that Federal Labor’s industrial relations plans would lead to lower productivity – despite woeful productivity growth of just 0.4 percent over 2006-07;
- His ongoing failure to explain the five interest rate rises since Work Choices was introduced.
Peter Costello’s conduct is hardly befitting of someone who holds the office of Treasurer.