Steve Hutchins (NSW, Australian Labor Party) Share this | Hansard source

Mr Hockey has now embarked on yet another program that would probably qualify him for the old Socialist Left in Victoria—and that is to re-regulate banks. I wonder when we are going to see from the coalition statements along the lines that we might need to reinstate some labour rights! What about restoring the single desk? I am sure that would be in Senator Williams’s heart! Why don’t we go back to the fifties, where it now looks as if our coalition colleagues are far more comfortable! Let’s see if that single rail gauge is really appropriate when we take a train from Victoria to New South Wales! Was the Snowy Mountains Scheme appropriate? Was it necessary? I know that Robert Menzies boycotted the opening of it; was it really necessary?

All these great nation-building programs in the past, now and in the future, have been initiated by Labor governments. We will continue to provide those because they are necessary for the economic wellbeing of our country. My colleague Senator Furner has outlined a number of the social initiatives that have been conducted by this government but we have been receiving from the independent commentators the necessary compliments required for us to proceed with the program we are running. Let me tell you what Standard and Poor’s said on 24 September this year.

Australia has one of the strongest fiscal positions globally with a net general government debt burden less than half the level of AAA rated countries.

Moody’s said:

In comparison to most other AAA-rated countries, Australia’s government financial strength is very high, with a very low gross debt—

‘very low gross debt’, senator who will follow me—

that is easily affordable and provides a high degree of fiscal flexibility.

I do not know why the coalition are in the pickle they are in at the moment; they seem to be all at sixes and sevens. But, as I say, we have been delivering for the Australian community and we will continue to do so. As I said earlier, we have a strategy that will get our budget back into surplus in three years, and that will be before any other major advanced economy. That is why it has been endorsed by the IMF and also by the Reserve Bank of Australia—