The Prime Minister today announced that he had undergone a Pauline conversion and repudiated his previous views on ‘market fundamentalism’.
He admitted that the Government had strayed too far from a sensible economic course, and had no business in our bedrooms.
Announcing a change in direction by the Government, the Prime Minister said that the size and reach of government had grown too far and must be reduced. He committed to returning the Budget to balance by 2012 through a mixture of substantial cuts in public spending and promised further income tax cuts. He promised to cut the size of the public service by 25 per cent within three years and abolish several departments with immediate effect, including the Department of Climate Change.
He said that all future public spending would be subject to rigorous cost benefit testing.
He announced the end of the $43 billion national broadband network.
He said that the Government would introduce vouchers for primary and secondary education, and improve health care by privatising all public hospitals with subsidised health insurance being the primary tool of public funding for hospitals.
Finally, the Prime Minister promised to embrace libertarian economic principles in the formulation of future economic policy.