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

I thank the member for Forde for his question. I acknowledge his background in business and the fact that across his electorate there are more than 17,000 small businesses that are benefiting from our instant asset write-off, like RAMS Autocare in Beenleigh, which I visited recently.

When we came to government, we inherited an economy where unemployment was 5.7 per cent and rising, investment was falling and the budget was deep in the red, with a deficit of $48½ billion dollars. That was around five years after the GFC and the Labor Party had enjoyed iron ore prices at around $180 a tonne, or more than twice of what they are today. In contrast, since we've come to government we've helped to create more than 1½ million new jobs, legislated more than $300 billion of tax cuts and delivered the first balanced budget in 11 years. That has helped build the resilience of the Australian economy to respond to drought, to respond to trade tensions between China and the US and to deal with the fires and the coronavirus.

I'm asked whether there are any alternative approaches. Yesterday we heard that the member for Rankin's alternative to a balanced budget was a 'wellbeing budget'. I want you to picture this alternative: the member for Rankin is about to deliver his first wellbeing budget. He walks, barefoot, into the chamber, robes flowing. Incense is burning. Beads in one hand and speech in the other hand. Gone are the seats, gone are the benches, and in their place meditation mats for all. The member for Rankin stands up to address the chamber, to announce that his wellbeing tour has gone national. Hugs for all! But there's a warning to every Australian: when the member for Rankin provides them with a hug and a kiss, he's going to take away their wallets.

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