Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

It is gross domestic product, Member for Casey. You will have your chance.

Mr Tony Smith interjecting—

The member for Casey has in fact had his chance. I am disappointed that they do not promote him to the front bench; he has more wit than half the people in front of him. Our tax-to-GDP ratio is 21.8 per cent. If you imagine the Australian economy as being $100,000, under us you are paying $21,800 in tax. But what was it under the scallywags of the opposition when they were in government? It was 25 per cent. So there was old Mr Howard and Mr Costello putting their hands in your pocket for $25,000 in every $100,000 in the Australian economy. We are better at keeping down the tax-to-GDP ratio.

But it does not stop there, members of the House. Let us look at our handling, and the Treasurer's handling, of the global financial crisis. I know that the shadow Treasurer once famously called the global financial crisis a mere hiccup. Let me tell the House: it was more than a mere hiccup around the world. Thank goodness we had a Labor administration and Wayne Swan as our Treasurer. If you do not take my word for it—unfortunately some in the opposition are not enamoured with what I am saying, because the truth hurts—let us have a look at what the OECD said.

Mr Tehan interjecting—

The OECD, Member for Wannon—it is not the name of a type of cow. The OECD said it considered Australia's stimulus package to be among the most effective in the OECD, that it helped to avoid a recession and that there was already an infrastructure deficit from the past from continuous underinvestment in that area. And we know who was responsible for that—those opposite.

There was also the IMF. Before the conspiracy theorists leap to their acronym dictionary, let me be clear that I am not talking about the International Metalworkers Federation; I am talking about the International Monetary Fund. They have endorsed what our government did. Then let us look at Peter Anderson, the chief executive of ACCI. On 12 May 2009 he said:

The investment by this government was overdue and will contribute to a more efficient and competitive economy when recovery arrives.

In the Australian Financial Review on 3 June, 21 economists said:

Deploying our strong balance sheet to use otherwise idle resources—or to put it more compellingly, deserted factories and unemployed workers—to build assets that improve our lives and our economy in the future, seems much more appealing; much more commonsensical than retreating into phobias.

Sound advice for the opposition. We have seen more and more people endorse our handling of the GFC.

But it does not stop there. When the natural disasters struck our country—tragically, in many cases, with loss of life, but also incredibly significantly economically—who was there to help rebuild the roads and the schools and the community? Was it the coalition when they were asked to help lift resources? No, not at all. They were missing in action.

Mr Truss interjecting—

No medals for bravery for the Leader of the National Party. No medals for bravery for the National Party. They abandoned their own people. I admit their members of parliament did good work for individuals distressed by the floods, but as a party, when they came into this place, they opposed the flood levy.

Let us look at plans for Australia. Only one side of this House has a plan for Australia.

Mr Hunt interjecting—

Here comes the member for Flinders, ready to another write a thesis on climate change—I do not think so. We have a plan for Australia. We have a plan for jobs.

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