Joe Hockey North Sydney, Liberal Party, Shadow Treasurer
3:24 pm
My question is to the Treasurer, again. I refer to his own budget papers, which say:
… the Budget is currently projected to return to surplus in 2015-16 …
Treasurer, I ask you again, what would the surpluses need to be between that year and when the Prime Minister has pledged to pay off $203 billion of net debt, by 2022?
Wayne Swan Lilley, Australian Labor Party, Treasurer
I thank the member for his question; ‘Sloppy Joe’ has changed tactics.
Wayne Swan Lilley, Australian Labor Party, Treasurer
I withdraw, Mr Speaker. He asserted in his earlier question that it would require surpluses in excess of two per cent of GDP. That is what he said. He has now suddenly crab-walked away from that assertion. The budget indicates that net—
Joe Hockey North Sydney, Liberal Party, Shadow Treasurer
Answer the question.
Wayne Swan Lilley, Australian Labor Party, Treasurer
You have walked away from your assertion. You pretended that it would require surpluses of two per cent of GDP and now you have walked away from it because it is simply not credible. You have completely walked away from it. Those opposite are just acutely embarrassed by the fact that they have been exposed to the Australian people as not having an alternative fiscal policy—not a one—and that is what this questioning is all about.
Peter Dutton Dickson, Liberal Party, Shadow Minister for Health and Ageing
Mr Speaker, I rise on a point of order. This cannot possibly be relevant. This is the worst contribution by a Treasurer in the country’s history. He is a shocker.
Harry Jenkins Speaker
Order! The member for Dickson will resume his seat.
Joe Hockey North Sydney, Liberal Party, Shadow Treasurer
Mr Hockey interjecting
Harry Jenkins Speaker
I call the member for North Sydney to order. The member for Dickson will leave the chamber for one hour under standing order 94(a). The Treasurer will respond to the question.
The member for Dickson then left the chamber.
Wayne Swan Lilley, Australian Labor Party, Treasurer
Net debt as a percentage of GDP is 3.7 per cent in 19-20.
Unidentified interjection - Hansard doesn't record who said this
Opposition Members:
Opposition members interjecting—
Wayne Swan Lilley, Australian Labor Party, Treasurer
In 2019-20. And there we go again. The juvenile games as a substitute for the fact that there is not one element of fiscal policy in anything they have said.
Harry Jenkins Speaker
Order! The Treasurer will ignore the interjections and the interjections will cease.
Wayne Swan Lilley, Australian Labor Party, Treasurer
And why are they so upset—3.7 per cent of GDP. Let us just have a look around the world at what the international comparisons are.
Joe Hockey North Sydney, Liberal Party, Shadow Treasurer
I rise on a point of order, Mr Speaker. The Treasurer cannot hide his own budget numbers. He does not even reach two per cent—
Harry Jenkins Speaker
Order! The member for North Sydney will resume his seat, and he has the same warning that the member for Dickson received.
Wayne Swan Lilley, Australian Labor Party, Treasurer
Earlier, he was proposing that the figures were wrong; now he is saying they are right. Which one is it, Joe? Very, very sloppy.
Harry Jenkins Speaker
Order! The member will refer to members by their titles and refer his remarks through the chair.
Wayne Swan Lilley, Australian Labor Party, Treasurer
Those opposite are absolutely embarrassed by the fact that the budget puts in place structural saves over the long term to bring the budget back to surplus and to pay down debt. They are embarrassed by the fact that they have no structural savings whatsoever. What we saw in the House for their budget reply was this fudge of the tobacco tax increase, which was somehow supposed to make up for the fact that they are going to oppose our means test of the private health insurance rebate. A fundamental save to bring the budget back to surplus and to pay down debt, and who is opposing it? All of those opposite. So they are not serious about a serious medium-term fiscal policy. We have one and they do not and it is there for everybody to see.