Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Hansard source

What an embarrassment question time was today. You had the member for McMahon ask a question about the triple-A credit rating. Clearly, those opposite have economic amnesia, because back in 1986, during the years of the Hawke and Keating governments, Labor lost our credit rating, it having been downgraded both in 1986 and again in 1989. It took the Howard-Costello government and the prudent economic management that they brought to Australia's fiscal situation to see an upgrade, in both 2002 and 2003, when both Moody's and Standard & Poor's gave Australia the triple-A credit rating that we now cherish. But who put that triple-A credit rating in danger? It was those opposite. When we bequeathed them a pristine balance sheet with zero government debt, having paid back your $96 billion of debt—

Mr Bowen interjecting—

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