Opposition Leader Tony Abbott says the government must lay out a pathway back to a budget surplus. Source: AAP
OPPOSITION Leader Tony Abbott says the federal government must lay out a pathway to return the budget to surplus, or it will put the nation's triple-A credit rating at risk.
Labor has ditched its promise of a budget surplus in 2012/13, while the coalition says it will deliver a surplus if it wins government but has not specified a definite timeframe.
Standard & Poor's, one of the world's three major credit rating agencies, has warned if Australia looks like not achieving a balanced budget in the medium term it could reassess its outlook for the nation.
"We shouldn't think our economic future is assured unless we see from the national government a clear path to economic responsibility," Mr Abbott told reporters in Melbourne on Wednesday.
"That's what Standard & Poor's are warning us - there has to be a pathway back to surplus if we are to keep our triple-A credit rating."
Mr Abbott said surpluses were in the coalition's DNA, because it had returned surpluses in 10 of its last 11 budgets under the Howard government.
Labor had not returned a surplus since 1989, he added.
"The Labor party is simply addicted to spending," he said.
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