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

I thank the member for Deakin for his question because I was asked about the strength of our economy and the fact that Standard & Poor's have reaffirmed our gold-plated AAA credit rating with a stable outlook. This is what Standard & Poor's had to say:

The AAA rating is underpinned by low public debt and strong fiscal discipline.

We are proud on this side of the House that we have that rating from the three major ratings agencies. Of course, we are one of seven countries in the world with that rating and a stable outlook. We have this because we have put in place a strong fiscal policy. Getting this rating from the three major agencies is like having the Brownlow, the Norm Smith and the flag all in the same season. I think it is something that everyone on this side of the House will be celebrating. But, of course, those on the other side of the House—the Leader of the Opposition, the shadow Treasurer—raced into the House to trash the Australian economy yet again. They came in half cocked like a couple of rabid pit-bulls, ears pinned back, salivating, tongue hanging out. They raced into the House and all they wanted to do was to run down our economy because somehow they had a whiff that this was not quite right. They somehow had a whiff that it did not work. We saw from the Leader of the Opposition that he has no vision and is all venom. He will do anything to trash our economy at any time.

The shadow Treasurer then followed him. He did not go out and check the basic facts. He raced in resting here despite the S&P report and he had an incorrect report from ABC radio. He should have known how wrong it was. Very sloppy, Joe—very very sloppy. The fact is that they should do the honourable thing in this House today and apologise, stand up at the dispatch box and apologise for trashing the Australian economy. They should unreservedly apologise for the fact that they used incorrect information in this House to run down our economy. What we saw yesterday were the typical bully boy tactics of the Leader of the Opposition and the Treasurer running down our economy.

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