Scott Buchholz (Wright, Liberal Party) Share this | Hansard source

I can understand wholeheartedly why the member for Throsby would feel a little ruffled by the comments that he is hearing at the moment. The Labor Party, 12 to 18 months ago, forecast that their budget deficit—the one that is coming up real soon; in a couple of weeks—was going to be $12 billion. These people want us to believe that they have the capacity to forecast. They said that it was going to be $12 billion. Six months later, in the budget figures it was $12.6 billion. That is just a lazy $600 million—they got it wrong by that much.

But that is not all; there are steak knives with this deal as well. In the recent MYEFO documents, that $12.6 billion went to $22 billion. And now it is at $37 billion. That is the capacity of this government, which wants to stand on a stage and talk about fiscal responsibility, to forecast over a period of just over 12 months. They cannot hit the side of a barn when it comes to forecasting deficits.

We have seen in the last parliamentary sitting period three common traits in the bills that have come before the House. Firstly, the majority of the bills that have come before the House somehow end up giving more power to their union mates; secondly, they take money out of the pockets of mums and dads and small businesses, and I will explain to you how they do that; and, thirdly, somewhere woven into the bill is more bureaucracy and more compliance measures—you can bet on that. The Australian Labor Party do not get it. They do not understand the business pressures out there at the moment.

I want to bring your attention to the mining tax and some of the benefits that the Labor Party are boasting about, such as the changes to the company tax rate. I am glad that you are here, Billy. What is your seat?

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