Kevin Hogan (Page, National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline the importance of sound budget management to repair the legacy of debt and deficit left by the previous government?

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

That is a cracker of a question from the member for Page—a real cracker. He is absolutely right. We are cleaning up the mess left by Labor and we are determined to do it both on the economy and on the budget, because if you have a strong budget you can also have a strong economy. There was some good news today. According to CommSec, retail trade is at a 12-year high, and I quote: 'Retail trade rose by 0.1 per cent in August after a 0.4 per cent rise in July. Over the past 12 months retail sales grew by 7.4 per cent, marking the best rolling 12-month period since January 2002.' So we welcome good news and a continuation of the good news—the best 12-month period since 2002. And that is on the back of the fact that now Australian businesses, this year under the coalition government, are creating jobs at six times the speed that occurred each month under Labor last year. Nearly 30,000 jobs a month were created in Australia—that is welcomed as well.

Now we are getting on with fixing Labor's mess in the budget. They left a budget debt trajectory of $667 billion. If nothing was done about the legacy of Labor, every single Australian in 10 years would have $25,000 of government debt against their name. Every child born would have $25,000 on their day of birth against their name as a result of what Labor left.

Opposition Members:

Opposition members interjecting—

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

The members for Sydney and Parramatta will desist!

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

So we are setting about fixing that. Some of that comes down to tax initiatives. You would have thought that, after creating a mess and then partly offering a solution for fixing it, Labor would honour their word. Labor are now opposing a $1.1 billion integrity measure in taxation in relation to research and development—$1.1 billion. The member for Lilley announced in February last year that he was going to crack down on 20 top Australian multinationals who were gaining an advantage under R&D. He said, 'We're going to crack down on them'—a $1.1 billion crackdown.

Labor yesterday were full of commentary about tax integrity. They are defending 20 businesses with a turnover of more than $20 billion. They want to give them a tax advantage that in government they said was wrong but in opposition they are now defending. Labor are the best friends of the tax rorters and Labor should not be trusted with tax policy—no integrity; no principles; no honesty.

Warren Snowdon (Lingiari, Australian Labor Party, Shadow Parliamentary Secretary for External Territories) Share this | Link to this | Hansard source

My question is to the Prime Minister.

Honourable Members:

Honourable members interjecting—

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

The member for Lingiari will wait. There will be silence so we can hear the member's question.

Warren Snowdon (Lingiari, Australian Labor Party, Shadow Parliamentary Secretary for External Territories) Share this | Link to this | Hansard source

That is very nice of you, Madam Speaker. Will the Prime Minister abandon his cuts to veterans' pensions? A simple 'Yes' or 'No' will suffice.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

There are no cuts. The member opposite, if he was being fair dinkum with people, would not spread lies. He would not do it. He absolutely would not do it. What we are doing is making our—

Mr Snowdon interjecting—

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

The member for Lingiari has asked his question and will remain silent for the answer.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

social services system sustainable for the long term. We are putting in place the same indexation system for all benefits that members opposite think is fair for the family tax benefit. If members opposite think it is fair and reasonable for the family tax benefit, why is it not fair and reasonable for other benefits as well?

Ms Macklin interjecting—

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

The member for Jagajaga will desist!