Malcolm Turnbull (Wentworth, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is addressed to the Treasurer. Will the Treasurer confirm that, as a direct result of policy decisions taken by his government to increase taxes, revenue will increase by $19 billion over the forward estimates? Treasurer, how will increasing taxes and increasing prices help Australian families, pensioners and small businesses?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for his question because revenue as a percentage of GDP will go down. The high-taxing people are on that side of the parliament and the shadow Treasurer knows this. What we have here is the party of low surpluses and high spending, putting upward pressure on inflation. It falls to this government to rein in that spending, to deliver the tax cuts that were earned by the Australian people. We have done that by spending cuts and big savings in this budget: $7 billion worth of savings in 2008-09 and $33 billion of savings over the forward estimates. It does not matter how he tries to fiddle the figures; they are the facts. He cannot hide from his economic irresponsibility.

This shadow Treasurer is the best friend inflation ever had. He absolutely is. And he is in there with the former Treasurer as well, the member for Higgins. The legacy they left this country was high inflation. We have brought down a responsible budget that tackles inflation, delivers for working families and invests in the future. All the opposition want to do is scuttle a responsible budget. The Australian people will see them for what they are—opportunists and nothing else.