Louise Markus (Macquarie, Liberal Party) Share this | Hansard source

In addition to this, Labor left additional projected deficits of $123 billion over the next four years, from 2013-14 to 2016-17. These are the facts.

In addition to this, over its six budgets while in government, Labor increased spending by an additional 50 per cent, totalling $137 billion. Labor's legacy on jobs was 200,000 more unemployed. More waste and more mismanagement was demonstrated through Labor's handling of the national broadband network, with an estimated blow out of $29 billion. Further blow-outs include $11 billion in border protection costs, $6.8 billion due to the overpriced cost of school halls, and $2.8 billion spent on the failed pink batts scheme.

It is important for us to remind members opposite of the reasons the government changed hands last year. This year alone, the debt Labor created will cost $12 billion in interest. If we do not take urgent action and initiate policy change now our debt will continue to grow to an estimated $667 billion. Each Australian's share of Labor's debt is currently $13,500. Unless we take action this will grow by $1,100 annually and could potentially reach $24,500 in a decade. This is a debt that Labor left for each Australian.

The coalition government is determined and focused on building a strong and prosperous economy for a secure and safe future for every Australian. Since taking government the coalition has been active in commencing budget repair. The coalition has reduced projected debt by $300 billion so far, with 75 per cent of our budget measures having now been passed—contrary to what members opposite say. The Abbott government has committed $50 billion to establish the largest infrastructure package ever. This package will deliver critical infrastructure and create jobs and activity-boosting, long-term productivity for all Australians. Next year the $1 billion National Stronger Regions Fund will be rolled out, giving local communities the opportunity and ability to receive the infrastructure that their people, families and businesses need desperately—creating local jobs and building local economies.

This year the coalition government successfully repealed the carbon tax, saving the average household $550 a year. The carbon tax placed direct pressure on over 75,000 businesses, costing over $700 million. Following the abolition of the carbon tax, the coalition government ensured that all savings would be passed on to business, giving the ACCC new powers. These powers guaranteed a reduction in operating costs for many businesses, easing the cost for many business owners.

The coalition government has successfully agreed on three free trade agreements with South Korea, Japan and China. Our free trade agreement with China means more jobs, creating greater investment in Australia and a higher standard of living for all Australians. Once our free trade agreement is fully implemented, our agricultural produce, resources and manufactured goods will be well placed to compete in China's dynamic marketplace. It will mean access for our banks, universities and tourism operators—the heartbeat of the Blue Mountains and the Hawkesbury. They will all receive better, more guaranteed access to the Chinese market. The concessions we have given to China will lead to increased investment in Australia, strengthening our economy, particularly increasing tourism, one of our largest exports, and providing cheaper goods for Australian consumers.

In an opinion piece in The Australian Andrew Robb wrote:

Its win-win-win. Jobs generated and protected by this FTA are not just in one location or one sector; they are across the economy—

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