Stephen Jones (Throsby, Australian Labor Party) Share this | Hansard source

It is always a great pleasure to enter a debate after the member for Bradfield, who in some parts of his speech today gives new meaning to the expression 'talking under wet cement'. We have heard a description that these guys are the 'star tracks' of political and economic policy, sailing through the political universe in search of black holes, without a clue in the world about how to fill them.

We are here to debate Appropriation Bill (No. 3) 2011-2012 and Appropriation Bill (No. 4) 2011-2012. It is worthwhile as we engage in this debate around these important bills, an instrument of economic management, that we reflect on where we have come from, where we are and where we are going in terms of our economic management. There is one thing to be certain of: we did not land in this position that we are in through pure accident. The position I am talking about is having the lowest debt-to-GDP ratio of any country in the Western world and the lowest unemployment of any comparable country in the world. We have unemployment which has been consistently around five per cent for the last 18 months, contrasted with unemployment in Europe and the US which hovers around the low double figures.

We have heard a lot from the other side about interest rates, but what they do not say is that interest rates are lower now than at any time since they were in office. In fact, interest rates would have to go up 10 times before they reach the levels they were at when we took office in 2007. For all the hue and cry that we hear from the member for Bradfield, what you will not hear him say is that interest rates not only are lower now than they were when the Liberal-National Party left office in 2007 but would have to go up 10 times before they reached those levels. That makes an enormous difference not only to households in electorates like mine and yours, Mr Deputy Speaker Murphy, but also to the small business sector, which relies on a line of credit to meet the bills and pay for the capital that keeps its doors open and its businesses running.

It was not all easy when we took office. There were enormous challenges that we had to meet. There was a long-running deficit in infrastructure spending that we had to fill. You talk about black holes. The mob on the other side like to talk about black holes.

Ms Rishworth interjecting—

That is right—$100 million—

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