MEDIA RELEASE - LIBERALS’ NBN BUNGLES TO DAMAGE BUDGET - 24 OCTOBER 2017

Joint with Jim Chalmers MP, Shadow Minister for Finance.

Labor calls on Malcolm Turnbull to release advice about how his mishandling of the NBN rollout could smash the Budget by blowing out deficits and pushing up debt even higher.

A report in The Australian today revealed the Liberals received formal advice on the extent to which their flawed multi-technology mix is exposing the Budget to billions of dollars in write-downs.

Malcolm Turnbull has trashed the NBN business model so badly that he risks pushing record debt up even higher on his watch.

Already under Turnbull, net debt is predicted to hit record highs over the next two years and gross debt has crashed through the half-a-trillion dollar mark for the first time in the nation’s history, with no peak in sight.

Turnbull needs to immediately release the full advice so Australians can see just how bad his NBN bungles have jeopardised the Budget.

We also reiterate calls for the Government to immediately endorse Recommendation 2 of the NBN Joint Standing Committee, which sought an independent audit of the assumptions underpinning the financial forecasts contained in the 2018 NBN Corporate Plan.

If Turnbull really stands behind his multi-technology mix, then he needs to show the numbers behind it stack up too.