Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Minister for Finance and Deregulation. I refer the minister for finance—

Government Members:

Government members interjecting—

Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

They think it is a laughing matter—typical Labor with money. I refer the minister for finance to the reported $850 million blow-out in the solar panel rebate program. Given that the five-year, $150 million solar panel program has blown out to over $1 billion in just 18 months, how is this blow-out going to be funded?

Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The program that the member for North Sydney refers to was in fact a program of the Howard government inherited by the current Rudd government. Shortly prior to the election in 2007, the amount of the rebate involved was in fact doubled by the Howard government, and that in a sense has been the core reason why the program has blown out. The government has included within its budget calculations provision for the cost of the additional expense—

Opposition Members:

Opposition members interjecting—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The minister for finance will resume his seat. The question having been asked, the question having been in order—

Honourable Members:

Honourable members interjecting—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The minister for finance is responding to the question. I would hope the House’s attention span is greater than that of those who are down in the childcare centre.

Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

This expenditure, like other expenditures which the government has committed to, is in fact provided for in the budget. Unlike many of the commitments that the Leader of the Opposition has been making in recent times, there are savings to cover this expenditure and other expenditures. There is a document called the Mid-Year Economic and Fiscal Outlook, which I would recommend to the dwindling band of fiscally and economically literate members of the opposition. It would be an interesting exercise for them to have a look at some budget papers from time to time.

It is also important to note that, as a result of these changes in this program, the government has shifted its mechanism for subsidising householders putting solar panels on their roofs to the renewable energy target mechanism. So there is now a different system in place to enable what is otherwise a very worthwhile objective to be pursued. But again I think it is worth noting that the shadow Treasurer and the Leader of the Opposition, in pursuing—

Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

Mr Speaker—

Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

You are not really going to raise relevance, are you? You have got to be joking.

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The minister will resume his seat. The member for North Sydney on a point of order?

Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

I asked the question: how is the blow-out going to be funded?

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for North Sydney will resume his seat. The minister is responding to the question.

Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The person who has asked the question of how this is going to be funded is somebody who presided over opposition finances where we had commitments to reduce fuel excise by 5c a litre, increase the pension, reintroduce the Investing in Our Schools Program, give a commitment to further capital gains tax relief for small business, $3.3 billion on a climate change policy that is uncosted, $3 billion of extra money for the Murray-Darling Basin and now an expanded parental leave policy—none of which has been funded by a single saving—

Kevin Andrews (Menzies, Liberal Party, Shadow Minister for Families, Housing and Human Services) Share this | Link to this | Hansard source

Mr Speaker, I raise a point of order on relevance. If he cannot answer where it is going to be funded, he should sit down.

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Menzies will resume his seat. The minister is responding to the question.

Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The government’s position with respect to spending and savings is very clear and has been outlined by both me and the Treasurer in this parliament on a number of occasions—that is, new spending will be offset by savings, and spending will not be increased beyond two per cent in real terms once the growth rate in this economy goes beyond three per cent. And for an opposition that is engaged in a giant, unfunded spendathon, with a daily set of new billions of dollars worth of commitments that have no savings to back them up, to suggest that the government has a problem on this front is the absolute epitome of hypocrisy. The country demands sound economic management. The Abbott opposition has abandoned its core supporters and is a risk to the future prosperity of this nation. It has no idea of fiscal management and it would be a great threat to the future of the Australian economy.