Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Hansard source

That is why through the legislated amendments that we have already passed through the Senate we will halve that debt over the next four decades.

I am asked whether there are any risks to that approach. I am aware of three big risks, and they all sit with those opposite. The first major risk is that the Labor Party are addicted to spending. We have around $30 billion worth of savings stuck in the Senate to which the Labor Party are opposed, including nearly $5 billion worth of savings that they took to the last election. Secondly, the Labor Party are addicted to higher taxes. Who could forget the drive-by FBT hit on the motor vehicle industry or the additional tax on people with self-education expenses or the $9 billion worth of taxes on the superannuation industry? Now they want to reheat the carbon tax and the mining tax, which were rejected by the Australian people. They also want to put a tax on some of Australia's largest companies and biggest employers.

Thirdly, Labor are a policy-free zone. They have no plan to fix the debt and deficit legacy that they left us. Exhibit A was that horror interview with Jon Faine on Friday the 13th when the Leader of the Opposition was asked seven times how he would pay for things and each time he failed to give an answer. Exhibit B was that famous interview on 7.30with Leigh Sales when he said:

If you don't know where you're going, any road'll take you there.

In that same interview, the policy-free zone was revealed. The Leader of the Opposition was asked:

LEIGH SALES: But Tony Abbott could call an election next year and you haven't yet started laying out to give Australians time to think about what you'd like to do.

BILL SHORTEN: That's a good point. I appreciate you raising that.

So much for Labor's year of big ideas!

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