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

My question is to the Treasurer. I remind the Treasurer that his own Labor MPs in Wills, Page, Chifley and Bass, and Senator Cameron, have all expressed concern about how Labor is going to pay for its $120 billion of big new spending promises. Treasurer, what is the answer? Where is the money coming from? What taxes will you increase to make up the $120 billion?

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

I thank the shadow Treasurer for that question, because we always have good conversations about good public policy in our caucus, and we certainly had a good discussion yesterday. I think everybody in our caucus is absolutely proud of the fact that Standard & Poor's has reaffirmed our AAA rating—our gold-plated AAA rating—with a stable outlook. Think about that for a moment. There are only seven countries that have that rating.

Peter Dutton (Dickson, Liberal Party, Shadow Minister for Health and Ageing) Share this | Link to this | Hansard source

Thanks to the Howard government.

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

There was an interjection from over there saying, 'Thanks to the Howard government'. This is the first time in our history that we have had the AAA gold-plated rating from the three major rating agencies, not something achieved by those on that side of the House—never.

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

Madam Deputy Speaker, on a point of order: he is giving an entirely different answer to the question that was asked. I asked about his own Labor MPs asking where the money was coming from.

Anthony Albanese (Grayndler, Australian Labor Party, Leader of the House) Share this | Link to this | Hansard source

If it is the case that the opposition objects to the member or any minister responding to interjections, perhaps they should just not interject.

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The Treasurer has the call.

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

I am directly answering the question, because our AAA rating goes to the core of our fiscal discipline, which has been recognised by the rating agencies—indeed, cited by the rating agencies for their reaffirmation of our gold-plated AAA rating. Those opposite do not even understand that most basic fact. When we moved to support our economy during the global financial crisis, to support jobs and small business, we put in place fiscal rules to bring our budget back to surplus when growth returned to trend. And that is what the government has been doing.

During that time, based on our Labor values, we have found room for Labor priorities, such as paid parental leave and a big increase in the pension, by making savings. We have done all of that in the face of very large revenue write-downs, to the tune of $150 billion. We have done all of that and we will continue to adhere to our fiscal rules as we make room for Labor priorities. We have done the hard work to find the savings. But there we saw again this morning, once again on breakfast television—but this time he was on his own—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

I see the Manager of Opposition Business rise on a point of order. The Treasurer will return to the question before the chair.

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

I was asked about savings and I have said very clearly that the government will find the savings to fund Labor priorities. I am drawing the very clear contrast with the shadow Treasurer who, on breakfast television, admitted again this morning there was a $70 billion crater in the Liberal Party's bottom line.

Opposition members interjecting—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The Treasurer will return to the question.

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

For our part, we in the government will continue to implement responsible fiscal policy, making the savings to fund Labor priorities in difficult environments, because that is what we do. We understand the importance of both good economic management and putting in place Labor priorities. (Time expired)

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

Madam Deputy Speaker, I ask a supplementary question. Given the Treasurer just referred to Standard and Poor's, I refer him to this advice that has just come out that says: 'Standard and Poor's says Australia is heading for a $20 billion-plus deficit.' This has just come out. Treasurer, please explain where the money is coming from.

Honourable Members:

Honourable members interjecting—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

Order! It is a supplementary because it is referring to the answer given by the Treasurer.

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

I welcome the question. We have just had our AAA rating reaffirmed, based on the fiscal discipline that this government has shown and what we are publishing in our budgets. They have confirmed that it is our strong fiscal discipline that has underpinned their rating. They have pointed to our low public debt. They have pointed to our economic resilience. He can say anything he likes, but he cannot jump that hurdle, because this government has done the hard yards. We will continue to do the hard yards to support jobs, whereas those on the other side of the House want to take the axe to public spending—like they are doing in Queensland, like they are doing right up the eastern seaboard. There is a very clear contrast here.

Opposition Members:

Opposition members interjecting—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The Treasurer will refer to the question. The member for North Sydney is seeking to table a document?

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

I am. I seek to table the report of S&P that says Australia is heading for a $20 billion deficit this year, confirming the opposition's—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

Leader of the House, is leave granted?

Anthony Albanese (Grayndler, Australian Labor Party, Leader of the House) Share this | Link to this | Hansard source

No. I table 'Jamie Briggs pushes for return to individual employment contracts' by Mark Kenny in the Adelaide Advertiser.