Luke Simpkins (Cowan, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline the trends in spending and debt inherited by the coalition government? How will fixing the budget help the people of Western Australia and elsewhere?

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

It is a hugely important issue. The Labor Party have left a legacy of debt and deficit on a scale that Australia has not seen for some period of time; the deficit being $123 billion in accumulated deficits over the next four years, and $667 billion in debt if remedial action is not taken.

Mr Albanese interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The Treasurer has the call. The member for Grayndler will desist.

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

The IMF recently found that, in the six years from 2012 to 2018, Australia's real expenditure growth is forecast to rise by nearly 16½ per cent, which is twice the average of the rest of the IMF and double the IMF 17 advanced economies. So Labor has locked-in expenditure growth higher than any other of the top 17 nations in the IMF.

On the weekend, the Leader of the Opposition asked the question at the launch of the Western Australian Senate campaign: 'Do we give power to those who seek to whittle away our standard of living?' It is really a rhetorical question, because, as Dr David Gruen illustrated in a number of speeches—and as you can see on this graph—Deputy Secretary to the Treasury, under Labor there is actually a significant drop in the standard of living.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Madam Speaker, on a point of order—

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

I will table it.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The Treasurer will resume his seat. The point of order I have no doubt is on props. We do not use props. The Treasurer has the call.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

But he did just use a prop.

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

I am just telling him not to, so resume your seat; you are right.

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

Dr David Gruen also identified that, if current trends continue, Australia would need to have the very best productivity growth it has had in 60 years just to maintain our standard of living. Just to maintain our standard of living we need to break every productivity record as a result of what Labor left behind—and that comes from the deputy secretary of the Treasury, which I also table.

The bottom line here is that if we are to maintain our standard of living as a nation we have to fix the budget and we have to undertake the reform that Labor avoided. In fact, recklessly, they spent more money than they were ever going to collect. This is a challenge for Australia; it is not just for this government. Whoever is elected has to do the hard yards, and it starts in the May budget. That is not the end of the story; it starts then. It is going to take years to climb this mountain, but we in the coalition are absolutely determined to climb the mountain.

Ms MacTiernan interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Perth will desist.

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

We are determined that we will not leave Australians with a lesser quality of life than that which we have inherited because of the largesse of Labor.