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

Can I say that I do welcome these questions. I hope I get 10 on this question, because what we have had now is further deception from the shadow Treasurer. What he has done is quote selectively from the Hansard. I went on to say:

… we will review it in the usual way and, if it were necessary, we would lift it.

That is the bit that he did not actually quote today, because this is part of the continuing deception. And the continuing deception is that somehow Australia has an unsustainable level of debt, when in fact net debt peaks at 11.4 per cent of GDP in 2014-15—about one-eighth of the level of major advanced economies.

We have to stand back and look at where Australia is, because with our low and responsible levels of debt our economy has grown 14 per cent since the end of 2007. I will tell you what that means: 950,000 jobs! That is because we on this side of the House had the guts to support our economy, unlike those who came into this House and the Leader of the Opposition, who slept through the critical vote on the stimulus package and would not support jobs and growth in our economy. We are prepared to take the responsible decisions, as the ratings agencies have said, to have a low level of debt to support jobs, growth and employment security in our economy.

What he is really saying today is that he is outing their hidden agenda, and their hidden agenda is to run a gigantic scare campaign about debt as their excuse for cutting to the bone.

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