Darren Cheeseman (Corangamite, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer and the Minister Assisting for Deregulation. What is the government doing to manage the budget in a responsible way under difficult global economic circumstances? Why is it important to properly cost and account for policies? Is the minister aware of other approaches to managing the budget? What would be the impact of those other approaches?

Mr Robert interjecting—

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

Order! The member for Fadden will leave the chamber for one hour under 94(a).

The member for Fadden then left the chamber.

David Bradbury (Lindsay, Australian Labor Party, Assistant Treasurer ) Share this | Link to this | Hansard source

I thank the member for Corangamite for his question. The member knows that, when the biggest global economic downturn since the Great Depression struck, this Labor government was ready to step in and to stimulate the economy and to support the jobs of hundreds of thousands of Australians. That was choice that we made because, as a Labor government, we believed it was important that we took that action to support jobs and to keep the doors of Australian businesses open.

But, of course, our government, like governments all around the world, have been hit with downgrades to our revenue. Notwithstanding this, we are returning the budget to surplus, and we are doing that by making responsible savings. But those opposite are still struggling to make their numbers add up. The Australian people will remember that, at the last election, the coalition took some costings to the election that were later exposed by the Treasury to have an $11 billion black hole in them. So dodgy were these costings that the Institute of Chartered Accountants had to reprimand and fine the accountants that were involved in this so-called audit. Now we know that they have a $70 billion black hole, and we know that because the member for North Sydney has confirmed it twice now, on breakfast television. Yesterday, he confirmed it once again when he said, 'Well, I said at the time, whatever the cost would be—50, 60, 70'. That is $70 billion. Further questioned, he went on to say, 'We will find the savings'—and, wait for it—'and we have found the savings'. Well, I will believe that when I see it.

I do not believe he has been able to fill his $70 billion black hole, but I do believe he has a secret plan. If you go to the member for North Sydney's office, in his top draw he has this folder. And on the top of the folder it says, 'Secret: Commission of Audit Recommendations'. There it is, all ready to go—he just won't tell anyone about it until after the election!

The member for North Sydney should be honest with the Australian people and he should tell them that he has a plan to rip away services such as education and health, in the same way as his state Liberal Premier mates have been doing. He should be honest with the Australian people, he should go to his top drawer, he should take out that folder that has his policies, he should reveal them to the Australian people—as scary as that might be. And, when he has done that, he should take his policies, walk down to the Parliamentary Budget Office and this time get them properly costed.