The Auditor-General has confirmed the Liberals are raiding the coffers of government businesses at an alarming rate to prop up their broken budget.
Shadow Treasurer David O’Byrne said the findings of the Auditor-General’s Report on the Financial Statements of State Entities are deeply concerning.
“Government businesses recorded profits of $443 million in 2018-19. The Government took $435 million of that, or more than 98%, in income tax equivalents, dividends or guarantee fees.
“This represents a massive raid on government businesses and calls into question the ability of those businesses to fund the new infrastructure we need with a growing population.
“Taking GBE profits to prop up the budget bottom line is essentially taxation by stealth: these raids will mean higher power bills and higher car rego payments.”
Mr O’Byrne said there will be a focus on the cash grab this week during Government Business Enterprise scrutiny hearings.
“It’s clearly unsustainable, and yet the Budget papers show Will Hodgman plans to take an additional $100 million of dividends this year.
“Funnelling money out of government businesses and into government coffers at this rate is a desperate move, designed to hide Peter Gutwein’s broken budget.”
David O’Byrne
Shadow Treasurer
