Rudd`s budget offers no hope: Turnbull

The Rudd government's second budget offered no convincing plan for economic
recovery, Opposition Leader Malcolm Turnbull says.
Responding to Wayne Swan's budget speech, Mr Turnbull said the treasurer should have
delivered a budget that laid out a foundation for recovery and growth.
"We should have had a budget that marked a path out of this downturn, offering
confidence and hope for a better future," he told parliament on Thursday night.
"Instead, what we were offered was a counsel of despair setting out no credible or
convincing plan for economic recovery.
"A budget that just doesn't add up."
Mr Turnbull said Mr Rudd was "racing to an early election" before the consequences
of his economic mismanagement would be felt.
Debt of $188 billion was just the start, he said.
"It is only a foothill at the base of what will be the prime minister's towering
summit of debt."
Borrowings for the broadband network and for Ruddbank had not been taken into
account in the budget, Mr Turnbull said.
All this debt meant higher interest rates and higher taxes in the future.
And the "ocean of red ink" could not be blamed solely on the financial crisis.
The same old Labor cocktail of higher debt, higher unemployment and higher deficits
was to blame, Mr Turnbull said.
Mr Turnbull said the coalition would oppose the government's bid to slash private
health insurance rebates.
"The changes to the private health insurance rebate are just the latest phase in
Labor's unrelenting war against private health insurance.
"Labor hates private health insurance."
Mr Turnbull said Prime Minister Kevin Rudd promised before the 2007 election that he
would not change the rebate.
"Never was an election promise given more emphatically and then broken so brazenly,"
he said.
"This broken promise will be a direct hit on the family budget of at least 1.7
million Australians and indirectly will result in higher premiums for all
Australians, including those on very low incomes."
Mr Turnbull said the government could afford to do away with cuts to the rebate by
boosting cigarette taxes by 12.5 per cent, or about three cents per cigarette.