House debates

Wednesday, 13 November 2013


Commonwealth Inscribed Stock Amendment Bill 2013; Consideration in Detail

7:25 pm

Photo of Steven CioboSteven Ciobo (Moncrieff, Liberal Party, Parliamentary Secretary to the Treasurer) Share this | Hansard source

That was a half-hearted 'Hear, hear' from the member for Fraser! But, anyway, we will just leave that! I think he got the joke. I am not sure that the shadow Treasurer did—I think he thought I was being serious! But the reality is that we do not intend to manage Australia as a month-to-month proposition. We think economic security is more important than that. We think sending signals to the market is more important than making decisions on a month-to-month basis. We know that that is Labor's approach—we get it. The government gets that Labor's approach is to come and ask for an increase in the credit limit, scurry off, spend more money, come back, ask for another increase in the debt limit, scurry off, spend more money, come back and ask for another increase. That is not our approach.

Let us be clear: once we have fixed up the damage that Labor has left behind, once we have got the budget back in a state of repair, once we have Australia back on her feet, then we know we will be able to start paying down Labor's debt. But we need you to get out of the way. We need the Labor Party to stop blocking us from saving money and to actually support us when we try to actually consolidate the amount of debt that this country has. We need to repair the damage that you left behind. Don't stand up and make yourselves out as caricatures by saying, 'We don't understand why it needs to be more than $400 billion'. Let us make it clear: we do not support the amendment that has been put forward by the Labor Party. We do not support it because, on their own numbers, which they left behind, it will be breached on their own forecasts.


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