Luke Howarth (Petrie, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer please update the House on the progress in arresting the deficit and debt burden on Australian taxpayers?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Petrie for his question and commend him on his re-election to this House. It was a stunning victory by the member for Petrie, who stood on the record of his contact with and support for constituents but also on the proven economic management of this government, and he was returned to ensure that he could continue to support that proven economic management of the coalition government.

We live in very uncertain economic times; we understand that. But, despite that, Australia continues to grow at one of the highest rates and real times of the advanced world. On top of that, we have just completed 25 years of consecutive economic growth. But we cannot take that for granted going forward. It is the product of some 30 years of economic reform—apart from six years when those opposite occupied these benches. On top of that, the issue we must deal with right now is ensuring that we increase our resilience in the face of any potential storm or threat. The two things we must do to achieve that are: we must arrest the debt that continues to grow, which we inherited from those opposite, and we must ensure resilience, strength and confidence in our banking and financial system, because those things underpin the prosperity of every business, every household and every government in this country.

We inherited a debt, as we know, of some $240 billion, and through the measures taken on this side of the House over many budgets the projected debt was reduced by $50 billion.

An opposition member: What is it now?

I am asked what it is now. Today it is $430 billion. Today our debt grows by $6 billion every month, because we have been through a program of seeking to arrest the debt. But we have had no support from those who sit opposite, who sought to sabotage the budget over the last three years. Today they have an opportunity to turn that around. Today I brought into this House a bill of $6.1 billion in savings on expenditure—not higher taxes; savings on expenditure. Every single dollar of those savings, the shadow Treasurer and the former finance minister built into the costings that they took to the last election. If that bill passes this place it will save, over the next 10 years, $30 billion in debt.

Those opposite have gone silent. They know they have to ask a question that has been put to them in this House, in this bill, which says: $6.1 billion is the start of the conversation that this parliament needs to have. We have $40 billion in savings and revenue measures that will fix the budget. They need to support them. (Time expired)

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer and it refers to his previous answer. Can the Treasurer explain to the House why there is a black hole of more than $100 million in the costings of the omnibus bill introduced into parliament today? Can the Treasurer explain why the numbers on page 5 of the explanatory memorandum of the bill do not add up? Does the Treasurer stand by his claim in the House today that the bill improves the budget bottom line by more than $6 billion?

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

That's your Prime Minister who just walked away.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

That is the Prime Minister who just got re-elected—unlike the other man at the table. That is who he is. This is the Prime Minister who just won an election. We have seen the Leader of the Opposition parade around this country as if he had just won an election. Well, I have got news for you: when the whistle has blown and you are on the wrong side of the scoreboard or you are on the wrong side of this House, you lost the election, buddy! And you lost the election because you did not have an economic plan.

Opposition Members:

Opposition members interjecting—

Government Members:

Government members interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Treasurer will resume his seat. Members on both sides will cease interjecting. The member for Griffith on a point of order.

Terri Butler (Griffith, Australian Labor Party) Share this | Link to this | Hansard source

Thank you, Mr Speaker. The remarks ought to be directed to the chair and also the member ought to refer to members by their titles.

Tony Smith (Speaker) Share this | Link to this | Hansard source

That is right: members must refer to other members by their titles, as I made—

Mr Frydenberg interjecting—

The Minister for the Environment and Energy will cease interjecting, particularly when I am addressing the House. Members will refer to other members by their correct titles. I made that point this morning.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The Leader of the Opposition is no buddy of mine and I should not have referred to him in that way. I know who his buddies are—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Treasurer will answer the question.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

but that is not the question that has been put to me today.

Tony Smith (Speaker) Share this | Link to this | Hansard source

No, it is not.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The bill that we put forward in this House today has more than $6 billion worth of expenditure savings.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Oh really? Have you checked?

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

That is what it says. What the member opposite put forward to the last election was to increase the deficit by $16½ billion. That is what he said to the Australian people—he said that the way to increase our financial resilience, to protect us against a storm, to grow the economy, was to tax it more and go into deficit by $16½ billion. Those opposite took that plan to the election and those opposite were rejected on the basis of that plan. On this side of the House we will continue with our measures—

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Your bill doesn't add up, Scott.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for McMahon!

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

to ensure that we balance the budget, that we arrest the debt, that we put in place the measures that encourage businesses, particularly small businesses—

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

It doesn't add up.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for McMahon!

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

to invest and grow and employ. Those opposite have a simple plan—it is to tax and spend this economy.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Treasurer will resume his seat.

Mr Burke interjecting—

Mr Pyne interjecting—

The Leader of the House and the Manager of Opposition Business will cease interjecting. The Manager of Opposition Business will resume his seat. I have not called him. I can hear him very clearly from there. He does not have to call me repetitively. I was asking the Treasurer to resume his seat. The Treasurer has concluded his answer.

Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

Do you want me to explain why it doesn't add up?

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for McMahon I have asked to cease interjecting twice. He is now warned.