Senate debates
Tuesday, 12 May 2015
Questions without Notice
Economy
2:52 pm
Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source
My question is to the Minister representing the Treasurer, Senator Abetz. Minister, will the government maintain the AAA credit rating from all three ratings agencies that it inherited from the previous government?
2:53 pm
Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source
That will be the case. There is no doubt that if we had kept on with a Labor Party trajectory of 667 thousand million dollars of debt, then that would have been more severely prejudiced than it may be at the moment. I am confident that the AAA rating will be able to be maintained because we are setting in place a credible path to surplus and recovery for the Australian economy, something that the Australian Labor Party failed to do. When it comes to matters international, I do happen to note that Mr Keating and Mr Swan both seem to have won the accolade of being the best treasurers in the world.
Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source
And yet the really best Treasurer, Mr Costello, never seemed to get an accolade, so I do not know how these international bodies go about it, but I know what the Australian people thought about the economic management of both Mr Keating and Mr Swan in comparison to Mr Costello.
Opposition senators interjecting—
Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source
In brief, the building blocks that were set in the last budget are being built upon tonight to further secure Australia's financial security, and, as a result, individuals' cost of living and job security.
Honourable senators interjecting—
2:54 pm
Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source
Mr President, I ask a supplementary question. Does the minister agree with the chair of the government's financial system inquiry, Mr David Murray, who says that:
The AAA rating of the Commonwealth is looking increasingly vulnerable …
2:55 pm
Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source
I have not seen Mr Murray's comments, but let me say that as a government we are always attuned to the problems that might be out there in front of us, and we have commented on headwinds that have buffeted the Australian economy. In those circumstances it is very wise and proper to ensure that you try to limit the deficit as much as possible, rather than be on the trajectory the Australian Labor Party had us on, which was a trajectory to 667 thousand million dollars of debt.
Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Opposition in the Senate) Share this | Link to this | Hansard source
What will the debt be tomorrow? Higher?
Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source
The immature interruptions of Senator Conroy just confirm why he is not fit to ever be the defence minister of this country.
Opposition senators interjecting—
Stephen Parry (President) Share this | Link to this | Hansard source
Order on my left! We have a colleague waiting to ask a question.
2:56 pm
Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source
Mr President, I ask a further supplementary question. Can the minister confirm that under this government deficit and debt have increased, unemployment has risen, and business and consumer confidence have flatlined. Will our AAA credit rating be another causality of this government's economic incompetence?
Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source
History and economic history did not start on 8 September 2013, as those opposite would like to have the Australian population believe. The simple fact is, and let us be very clear on this, Labor had us on a trajectory into debt of $667 billion. Your own last budget had us on a trajectory, which I personally thought was an underestimate of 6.25 per cent unemployment.
Senator Conroy interjecting—
Eric Abetz (Tasmania, Liberal Party, Minister for Employment) Share this | Link to this | Hansard source
Under the previous Labor Government the labour figures shrunk by about 5,000 in 2013, whereas we actually added about 100,000 people to the Australian workforce in 2014. When the big ship of state of Australia is going in the wrong direction, as it was under you, it takes a while to turn her around, but we are up to the task and we will do it. (Time expired)