Palmer’s $1 trillion budget hole

Australian Conservatives Release

Queensland businessman Clive Palmer would blow a $1 trillion hole in the federal budget in a decade from just one controversial policy, exclusive modelling has revealed.

Palmer’s United Australia Party has the Conservative Party wondering where he really is politically because without sound principles you can never have predictable, common sense policies.

The Daily Telegraph reports, financial analysis, conducted for News Corp Australia, shows a massive budget hit by 2030 from the United Australia Party’s pitch boost to the weekly age pension by $150.

Under the policy, pensioners would receive an extra $7800 a year while singles would have $1143 a fortnight and couples $1871 every two weeks.

But funding the age pension would cost taxpayers an extra $302 billion over 11 years, according to modelling by Australian National University researchers.

The total age pension cost would hit $1017.2 billion – or $1 trillion – by 2030, the modelling reveals.

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