Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

(—) (): I thank Senator Edwards for that question, and for his interest in the strongest possible foundation for Australia. When we came into government, as I said earlier, we inherited a weakening economy, a rising unemployment and a budget position that was rapidly deteriorating on the back of unsustainable spending growth. We came into government with a responsible long-term plan to strengthen growth, to create more jobs and to get the budget back to surplus as soon as possible. Guess what? We are making progress and our plan is working, and last night's budget keeps the momentum going. Economic growth is strengthening, more jobs are being created and the budget is on a path back to surplus on the same timetable as in last year's budget. We are achieving this despite some unexpected additional headwinds—global economic headwinds—and the iron ore price falling from US$120 when we came into government to about US$58 now. That is a very significant impact and is quite material given 21 per cent of our national export income comes from iron ore. Despite all of this, we are still getting back to surplus on the same timetable and that is because we have kept spending under control. Unlike Labor, who promised to control spending to two per cent above inflation, we have actually contained spending to 1.5 per cent of GDP. All this is after investing in the future success of small business and investing in a jobs for families package, where we will help families get into work and stay in work by giving them access to more affordable, simpler, more flexible childcare arrangements. We are looking forward to working with the Senate on our plan to strengthen growth, to create more opportunities, to help families and small businesses across Australia that are having a go— (Time expired)