Debt, chaos and spin in budget: Hockey Shadow treasurer Joe Hockey says the budget would deliver higher unemployment and lower growth. SHADOW treasurer Joe Hockey says the 2013/14 budget delivers more "debt, chaos and spin." Mr Hockey said while Treasurer Wayne Swan described his budget as being about "jobs and growth," it would deliver higher unemployment and lower growth. "After six years of chaos, debt and spin, Australians are desperately seeking stable and competent economic management," Mr Hockey said in a statement on Tuesday. Julia Gillard and Wayne Swan have failed to set out a credible economic strategy for the coming 12 months, let alone for the next decade. Mr Hockey said gross debt would breach $300 billion, there was no credible path back to surplus and the government planned more than $25 billion in higher taxes over the next four years. He said it was "heroic" for the treasurer to assume that there would be no further deterioration in the terms of trade in the next two years. The mining tax revenue in 2012/13 was 95 per cent below Mr Swan's original revenue forecast, Mr Hockey said. Sixty per cent of the government's budget "savings" were new or increased taxes. "Families have been let down yet again by a government that has scrapped promised tax cuts, family payments and now the baby bonus," Mr Hockey said. Mr Hockey later told ABC television the coalition would look carefully at the budget figures before deciding whether to support cuts such as the scrapping of the baby bonus. "This is like an onion - we are going to peel it back to see what the initiatives really mean," Mr Hockey said. However asked whether more means-testing of family benefits and welfare measures was needed, the shadow treasurer said: "Australians have to live within their means and the government has to live within their means." He said he did not believe the figures on the budget deficit. "I think the deficit challenge is substantially larger," he said. Asked about the crackdown on business tax loopholes, Mr Hockey said he recognised that where there was abuse of the system it must be fixed.