Brett Whiteley (Braddon, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer update the House on what the International Monetary Fund article IV assessment says about the government's policies to resolve the legacy of debt and deficit?

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

I thank the honourable member for Braddon for his question. He recognises, like the IMF recognises, that we have been left with a significant economic challenge. The IMF report recognises that the government has inherited a significant budgetary problem. Labor left behind $123 billion of deficits and, if no remedial action is taken, $667 billion of debt—a huge amount of money. The fact is: they left us with a growth rate less than three per cent, which is the trend growth rate for Australia. And they left us with rising unemployment. In many ways that is the most devastating of the indices. If Labor were re-elected, unemployment would be going up to 6.25 per cent on their own pre-budget data.

Opposition Member:

An opposition member interjecting—

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

That is right. It is no surprise under Labor.

Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

We'd still have a car industry.

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

You'd still have a car industry if Labor was re-elected? Is that right, Bill? The last six years never happened. I know that this chant that you are entering into today is part of the therapy of being in opposition, but let me tell you: at some point you have to deal with reality, mate. The reality is that Labor cannot wipe away the last six years. They cannot wipe away the last six years on unemployment. They cannot wipe away the last six years, five of which had below-trend growth. They cannot wipe away $123 billion of deficits and they cannot wipe away $667 billion of debt. But I will tell you what: they can help us to wipe it away; they can help us to deal with it; they can help us and back our plan. And our plan is about getting rid of the carbon tax, getting rid of the mining tax, getting the budget back into shape and putting in place a sensible industrial relations regime, including the reintroduction of the Australian Building and Construction Commission. These things are not easy but they must be done. If you do want to create more jobs, if you do want to bring down the unemployment rate, the economy has to grow faster. It has to grow faster. You cannot just click your fingers and expect it will happen. It has to come from changes in this place and the Senate. And those changes are our plan. They are our plan to get rid of the carbon tax, to get rid of the mining tax, to free up the labour market. And do you know what? Smaller government is bigger enterprise, and it is enterprise that creates jobs.