Celia Hammond (Curtin, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer explain to the House how the Morrison government's stable and certain financial management, particularly paying down Labor's debt, is ensuring that we can provide the essential services Australia can rely on? Is the Treasurer aware of any alternative policies that will damage Australia's economy?

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

I thank the member for Curtin for her question and acknowledge her extensive experience as a vice-chancellor and as a leading legal academic before she came into this place. While those opposite will recklessly talk down the Australian economy, the Australian people know how resilient the Australian economy is. In the face of significant domestic and global headwinds—we've had a punishing drought, which has seen agricultural output down by around 14 per cent in the last two years, and we see continued trade tensions, particularly between the US and China, which the IMF estimate will see a fall in global GDP by around $700 billion by next year. But, despite all of that, the Australian economy continues to grow, in its 29th consecutive year of economic growth.

While other major economies like the United Kingdom, South Korea and Germany have experienced negative economic growth this year, the Australian economy continues to grow. We have a AAA credit rating. We've seen more than 1.4 million new jobs created. We have the first balanced budget in 11 years. The coalition and members on this side of the House will deliver the first surplus in 12 years. That will enable us to start paying down Labor's debt—debt that today sees an interest bill of around $19 billion a year. That's more than double what we spend on child care and nearly as much as we spend on schools. That is the cost of the debt that the Labor Party left the Australian people when they left office.

Mr Perrett interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Moreton is warned.

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

Not only are we getting the budget back in the black; we're also spending record amounts on schools, hospitals, infrastructure, aged care and, importantly, drought support—as well as reducing taxes so that Australians can keep more of what they earn and earn more.

The election was some 200 days ago. Since that time the Labor Party have changed their leader; they've changed their deputy leader; they've changed the chirpy shadow Treasurer; they've changed the shadow finance minister; they've had these so-called 'listening tours' around the country; and they've had a review in which the member for Hindmarsh said nothing would be sacrosanct. He said it would be ruthless and that everything was on the table—except one big thing: $387 billion of higher taxes. Those are the taxes that the Leader of the Opposition owns—$387 billion of higher taxes. (Time expired)