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

I thank the member for his question and the Prime Minister for the opportunity to respond. Under this government, we've taken gross debt, which was growing at 30 per cent under the Labor Party, under the current budget and forward estimates to two per cent. From 30 per cent to two per cent. That's what's happened. We have wrestled Labor's gorilla of debt to the ground; that's what we've done. Net debt this year turns around and we pay it down by $30 billion over the next four years and $230 billion over the next 10 years. That's what this government has been doing.

I'm asked about what's happening in terms of the economy and what the impact of that is on revenue. We all know how many times the member for Lilley took a swing and a miss when it came to estimating revenue, but it never stopped them from spending the money! He was out by five per cent every single year; a swing and a miss every single time. What I can inform the House of today, as the Minister for Finance has, is that our company tax revenue, as of the end of May, to the end of the year, is up by $1.1 billion. That's what's happening. Increasingly of importance is the fact that our expenditure at that time is also down $3 billion. This is a government living within its means. This is a government that has taken the debt and the deficit of the Labor Party and has worked tirelessly year after year since we were elected to turn it all around. In 2019-20 we will come back to surplus one year ahead of projection.

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