Sharman Stone (Murray, Liberal Party) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Will the Assistant Treasurer update the House on the government's action to reduce Australia's debt and deficit? What challenges are there to this approach?

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for her question and acknowledge the strong contribution she makes to regional economic growth. At the end of 2007, when those opposite took government. There was zero government debt and more than $50 billion in the bank. They had the best terms of trade in 140 years, and revenue increased by more than 22 per cent under those opposite. But, despite those good conditions, they left us $240 billion worth of deficit and a trajectory of $667 billion worth of debt. It has been left to the Treasurer and people on our side to clean up your mess.

Mr Perrett interjecting—

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

The member for Moreton is warned.

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

As a result of our measures, debt will be $170 billion lower under the coalition than it will be under the Labor Party and spending growth has been reduced from 3.6 per cent to just one per cent.

But I am asked: are there any challenges? The biggest challenges are those sitting opposite. Not only are they blocking around $30 billion worth of savings in the Senate, including billions that they took to the last election, but the member for McMahon is kidding himself about the fiscal reality that we face. Just last week the member for McMahon said debt and deficit were just rhetoric. The member for McMahon said it was okay because in Australia we were far better off than they are in Greece. Fortunately, on this side we do not subscribe to the member for McMahon's ouzo economics!

We have to heed the message of the IMF, of the OECD, of the Parliamentary Budget Office, of the Governor of the Reserve Bank. The member for McMahon had a tough week last week.

Mr Perrett interjecting—

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

The member for Moreton I said is warned.

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

We do not begrudge him forgetting the marginal tax rate. We do not begrudge him not knowing the currency of our largest trading partner. We do not begrudge him not knowing the difference between gross debt and net debt. But we do begrudge him the cover-up, which is far greater than the crime.

Ms Owens interjecting—

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

The member for Parramatta is also warned.

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

Listen to what he had to say:

I didn't see it being as relevant to the conversation at hand.

I chose not to answer the question

I didn't want to get into a long discussion about what various thresholds are.

But the piece de resistance was, 'I do heaps of interviews, many hundreds of interviews—probably over a thousand.' We checked the member for McMahon's website. We counted how many interviews and speeches he did. Guess how many it was over the last year: 242. The member for McMahon cannot even get that number right!