MEMBER for Pumicestone Lisa France believes the full extent of Labor's economic mismanagement finally started to emerge today with the release of the Independent Commission of Audit.
Ms France said the report detailed the previous Government's lack of fiscal discipline and predicted State debt will hit $100 billion in 2018-19 unless urgent action is taken by the Newman Government.
"It also reveals the starting point for the 2012/13 Budget is a fiscal deficit of $9.5 billion, all due to Labor's economic recklessness," Ms France said.
"According to the interim report, interest payments on Labor's debt will run at $3.5 billion in 2011-12 - or more than $39 million for each State electorate, including ours.
"That number is set to climb to $5.3 billion or 9 per cent of state revenue in 2015-16.
"This is money that could otherwise be invested in vital state infrastructure like roads, hospitals and schools and delivering frontline services for the people of Pumicestone.
"Instead the money will be spent paying off Labor's massive debt."
Ms France said the report clearly showed Labor relied on unrealistic budget assumptions to mask the extent of the underlying structural problems.
"The opening paragraph of the report says it all - the Labor Government embarked on an unsustainable level of spending which has jeopardised Queensland's financial position.
"Labor's irresponsible economic policies are entirely responsible for Queensland moving from a position of considerable financial strength to a position of weakness in the last six years.
"The report outlines the need for major changes to end the debilitating cycle of over-expenditure and increasing debt.
"It doesn't make for easy reading and it makes the Newman Government's job that much harder but we owe it to the people of Queensland and I owe it to the people of Pumicestone to commit to fixing this mess.
"This Government was elected with a mandate to return this state's finances to a sustainable level and it will do so in spite of Labor's lies and economic vandalism."