Anda Berada di Sini : Dunia Berita

15 Jun, 2012 12:39 PM

Strong 'Medicine' Needed For Australia's Queensland Fiscal Repair: Treasurer

BRISBANE (Australia), June 15 (Bernama) -- Strong medicine is needed to restore the health of the Queensland economy, State Treasurer Tim Nicholls said on Friday when releasing the first interim report of the audit of Queensland's finances.

According to China's Xinhua news agency, the Independent Commission of Audit report, led by former federal treasurer Peter Costello, predicts Queensland debt will hit A$100 billion (US$100.04 billion) by 2018-19 unless urgent action is taken to pay down debt.

"Interest is now the fastest growing government expenses in Queensland -- not health, not education, not public transport -- and it's all due to Labour's appalling reckless financial mismanagement," Nicholls said.

Nicholls said the report outlined the need for major 'fiscal repair' to end the debilitating cycle of over-expenditure and crippling increases in debt and debt-servicing costs.

"The Commission has recommended some very strong 'medicine' which we all must take to get Queensland's finances back in the black," he said.

The commission's recommendations for Queensland's fiscal repair include increases on property transfer duty, gambling tax and mining royalties.

-- BERNAMA

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Strong 'Medicine' Needed For Australia's Queensland Fiscal Repair: Treasurer