Former treasurer Peter Costello criticises both Labor and Coalition over their economic management
ABCFormer Liberal treasurer Peter Costello has launched a broadside against both the Labor Party and the Coalition, accusing each of bad economic decisions in recent years. Costello, the country's longest-serving federal treasurer, slammed Australia's current level of debt and questioned why governments had not done more to "rein in spending" and balance the budget. "The reach of government, the cost of government, the debt incurred by government is just starting to ratchet up through each cycle", Costello said. "There were a lot of companies that said, 'oh, well, we think we're going to go down by 30 or 50 per cent, they self-assessed and got the government payment," Costello said. The spend was intended to provide "extra insurance against the ongoing risk of very bad economic outcomes" for Australia, but Costello said it resulted in "very big losses" for the RBA.
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Former treasurer Peter Costello blames Reserve Bank of Australia for house price rises
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