Opposition Leader Jeremy Hanson has labelled Tuesday's ACT budget a "deceitful load of debt-ridden drivel" and said families would be unfairly targeted.
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Using his formal budget reply speech in the Legislative Assembly to criticise a four-year, $2.5 billion infrastructure spend by the government, Mr Hanson slammed the City to Gungahlin light rail line and renewable energy projects.
Mr Hanson defended the federal government's new $7 GP co-payment and said the ACT had been committed to an additional $1 billion in debt.
He predicted the territory would face a record $4.5 billion in debt within four years.
In a claim rejected by Treasurer Andrew Barr, Mr Hanson said $944 million would be spent in interest alone.
"That’s not paying back the debt – that’s paying the cost for all these years of spending like it’s not real money," he said.
"I reject utterly the magic recovery outlined in this budget. It beggars belief that, after years of more borrowing and on-going over-spends, there will be a miraculous $215 million turnaround in the last year."
Mr Hanson said the budget papers had failed to explain how payroll and other tax reforms were funded and said rates would triple in just over a decade.
"According to the budget cost-of-living statements, transport costs on average increase by 8.5 per cent, property charges increase 9.25 per cent and utilities increase up to 8.5 per cent.
"There is a projected 30 per cent increase in parking revenue, a 20 per cent increase in ORS revenue and a 6 per cent increase in car registration fees."
Restating his opposition to light rail in Canberra, Mr Hanson said the government should instead focus on easing Canberrans' cost-of-living pressures and the delivery of key services.
He said a Liberal government would deliver improvements in health and education, reform the planning system and fix roads.
"We will always be the friends of the hard-working honest business owners who create jobs, who create wealth and drive the economic prosperity of our great city, not their worst nightmare," he said.
"We will create a city connected by the best road system in Australia."
Delivered two years before ACT voters go to the polls, Mr Hanson's speech did not outline specific new initiatives.
Mr Barr said the speech amounted to "boring rhetoric without a skerrick of new policy."
Net debt would reach $1.228 billion in 2014-15 and rise to $1.799 billion over the forward estimates, Mr Barr said.
"Our investment in the budget is supported by the Canberra Business Council, Property Council and Master Builders Association, ACTCOSS and the Youth Coalition as well as key economists," he said.
"It creates jobs and invests in services for Canberrans."
He said interest payments would be $265 million over four years.
"Mr Hanson’s speech demonstrates he doesn’t understand how to read budget papers," Mr Barr said. He is either showing an embarrassing misunderstanding of basic finance or an inclination to stretch the truth to extraordinary degrees."