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

I thank the member for Lindsay for her question. I acknowledge her extensive experience in small business before she came to this place and that there are more than 70,000 taxpayers in her electorate that will get the benefit of the tax cuts that pass this parliament as well as more than 14,000 small businesses in the electorate of Lindsay that will be able to access the instant asset write-off.

On 2 April I announced that the budget was back in the black and back on track without increasing taxes. What we have seen since the coalition have come to government is more than 1.4 million new jobs being created, welfare dependency at a 30-year low, the biggest tax cuts in more than 20 years and the first balanced budget in 11 years. And today the ABS have confirmed that the current account surplus is the highest on record: $7.9 billion.

The benefit of a strong economy is that we can guarantee the essential services that Australians rely on—like fully funding the NDIS, like increasing funding for schools and hospitals by around 60 per cent as well as the most recent announcement of a new aged-care package, with aged-care funding also at a record level. We've also brought forward $3.8 billion of infrastructure spending. We have announced since the election more than $1 billion of additional funding in drought support and in our drought response, which has been critical. These are all the benefits of a strong economy with responsible budget management.

That is in stark contrast with what those opposite have taken to the Australian people. We know that the former Labor Treasurer, the member for Lilley, Wayne Swan, promised four budget surpluses—budget surpluses that he's still looking for. We know that those opposite enjoyed iron ore prices that were more than double what they are today, but they still racked up $240 billion of accumulated deficits.

Ms Plibersek interjecting—

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