Tony Smith (Casey, Liberal Party) Share this | Hansard source

It is my pleasure to once again speak on a matter of public importance moved by those opposite about the budget. As with all previous contributions from those opposite, there was not a mention of their record that has put Australia in the difficult budget position it is in, not a mention of their debt legacy and not a mention of what they would do to rectify it.

You only need to go back and look at the figures—and we will never get the figures from them. Those opposite look back on the budget papers and they emotionally airbrush away their period in government. Because back in 2007, it is often said, they inherited no net debt. In fact, they inherited more than that. They inherited $44 billion in the bank. Within a year, they had spent about $30 billion of it. Within another year, they were running up debt. I will read to the House their debt accumulation over those years. They went from nearly $45 billion in the bank to $16 billion dollars in the bank to $42 billion in the red to $84 billion to $147 billion to $152 billion to $202 billion, and today we are at about $245 billion.

If you look at the Intergenerational Report and you look at the path ahead, they were taking us on an ever downward path deeper and deeper into red ink to 120 per cent of GDP from the 15 per cent today. In his contribution, the Leader of the Opposition had not one idea on how to fix it; and in the contribution of the deputy leader, not one idea on how to fix it.

As we finish up this sitting day today, we will come back on budget day and, again, those opposite will not have one single idea to advance. For the Leader of the Opposition to move an MPI on what he calls 'budget chaos' takes some front, not just because he was an intimate part of the budget chaos as an Assistant Treasurer but because of the policies he pursued. The shadow minister for finance is there at the table and not even speaking on it.

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