Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I thank the member for his question. It is critical that the government achieves the right balance in framing economic policy. In framing the budget, we struck the right balance between getting rid of the reckless spending of those opposite and delivering a substantial $55 billion Working Families Support Package. We delivered tax cuts. We delivered an increase in the childcare tax rebate and we delivered an education tax refund. We also delivered an additional $500 bonus for age pensioners. That is very important—something that was not funded or provided by those opposite. We also boosted the utilities allowance by $400. We also put in place the Henry review, which will report no later than next February. We delivered a strong surplus because it is important at a time of international economic uncertainty to have a strong surplus.

Framing economic policy does demand responsibility with the nation’s finances as much as it requires compassion, and it requires empathy with those that are under financial pressure. Of course you can only have that compassion and empathy if you understand the everyday lives of the Australian people. Those opposite, the Liberals, have demonstrated no understanding of the financial pressures facing Australian families.

In the Treasury portfolio there are lots of facts and figures, and I would be the first to say that you cannot possibly know every single one, but there are some facts and figures which are very, very important. This morning the member for Curtin was full steam on radio; last evening the member for Curtin was full steam on radio. What we found was that she had no idea of one of the central facts that go to the heart of the financial pressures on Australian families and to the heart of the economic debate in this country. She did not know the official RBA cash rate. She got it wrong. No wonder those opposite found it so difficult to actually welcome the rate cut a couple of weeks ago. She did not understand that essential figure. It really says something about the Liberal Party when the Treasury spokesman does not know the official RBA cash rate. That is really something and it demonstrates how out of touch those opposite are with the financial pressures on Australian families.

It does not stop there. We have this ploy on pensions in the House today—a ploy from those opposite which leaves out two million pensioners. How could they do that? They say they understand—

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