Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

I thank the member opposite for his question. The budget is projected to return to balance in 2021. That balance is contingent upon the $40 billion worth of budget improvement measures that are contained in the budget and the forward estimates being passed by this parliament. I am pleased that the Prime Minister has just reminded the House that some $20 billion of that $40 billion has already been passed through this parliament in just these few sitting weeks since the last election. That demonstrates that this government is getting on with the job of implementing our budget measures. But there remains a further $20 billion, which those opposite remain substantively opposed to. The greatest guarantee for the AAA credit rating that those opposite could give the Australian people is to say that they will support the government's budget savings measures.

The government has laid out our plan in the budget. What stands in our way is the refusal of those opposite to stand up to their economic responsibility, heed the warnings from the ratings agencies and pass the government's budget. But they have an alternative plan! Their view is that the ratings agencies would rush to reaffirm Australia's AAA credit rating if the deficit were to be increased by $16.8 billion. So confident were they that that would be the case that they took a $16½ billion increased deficit to the last election. And what happened at the last election? You took a $16½ billion deficit increase to the last election and it was no surprise that the Australian people rejected you.

Mr Perrett interjecting—

Ms Macklin interjecting—

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