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

As a consequence of the global recession, the government had to borrow to cover the revenue collapse—and there was a revenue collapse of $210 billion. Those opposite do not want to acknowledge that fact because, presumably, if they will not acknowledge that fact, they can come into this House and tell us how they were going to make up the difference. Were they going to cut government services by $210 billion or were they going to put up taxes by $210 billion? If they had done either of those, they would have crashed the economy.

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