Laura Smyth (La Trobe, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Treasurer, how is the government putting in place the policies we need to keep building on Australia's economic resilience? Why is it important that policy costings are laid out transparently and publicly?

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

I thank the member for La Trobe for that question. If there is one thing that is clear from the experience of the global economy over the past five years, it is that we have got to put jobs and growth first. Sadly, in Europe they are living with the consequences of not doing that. It has not happened to the extent it should have happened in the United States, either. But here we have put jobs and growth first. The consequence of that has been the creation of 850,000 jobs during our time in power. As a consequence, our economy is resilient. As a consequence, our public finances are stronger—because here we have put jobs and growth first. So we have got to build on this resilience for the next five years to make sure we continue to deliver the jobs and the growth that propels those jobs. We have got to do that.

Also, we have got to provide support, particularly support for Australians in their retirement. Of course I am very pleased to say that the Minister for Families, Community Services and Indigenous Affairs today has announced a reduction in the deeming rate, which will provide some additional modest assistance to pensioners. This builds on our historic increase in the pension, the biggest increase in a century. It also builds on our commitment to dignity in retirement and on our commitment to superannuation, in particular to raise the superannuation guarantee from nine per cent to 12 per cent. But also we make that additional contribution to the superannuation of low-income workers, a significant boost to their superannuation.

So it is absolutely mind-boggling that those opposite could announce that they are simply going to rip that out, rip away that support for 3.6 million Australians on the lowest incomes. Why are they doing this? There is one simple reason. We know why, because the shadow Treasurer said it on breakfast television sitting there beside the Minister for Sustainability, Environment, Water, Population and Communities. They have got a $70 billion crater in their budget bottom line. What we know is that they have got working people in the firing line. Working people are in the firing line because they have bungled their budget bottom line. So they are absolutely intent on not producing any costings before the next election, because they know if they do they will be sprung again, like they were last time. In the past five years they have only had to front up once with costed policies. They came after the election. When they were examined by the Treasury and the department of finance, what did we find? An $11 billion crater, the biggest costing bungle in Australian political history. What they are hoping to do is escape through and hide the savage cuts that they have got directed towards working Australians.