House debates

Tuesday, 13 September 2016

Questions without Notice

Economy

2:15 pm

Photo of Craig KellyCraig Kelly (Hughes, Liberal Party) Share this | | Hansard source

My question is to the Treasurer. Will the Treasurer advise the House on the importance of budget repair to a stronger economy and how this government is arresting the debt burden for future generations of Australians?

Photo of Scott MorrisonScott Morrison (Cook, Liberal Party, Treasurer) Share this | | Hansard source

I thank the member for Hughes, my shy neighbour, for his question. Rising debt robs current and future generations of their living standards, forcing higher taxes on them and forcing them, because of those higher levels of debt, to accept lower levels of services.

When those opposite left government, they left this side of the House with a debt curse—a debt curse that we are having to deal with. The Turnbull government is committed to arresting that debt by repairing the budget by getting expenditure under control. That is why we initiated and brought into this House an omnibus bill to ensure that we move on savings on expenditure—savings that would relieve this country of some $30 billion worth of debt going forward.

We are pleased to say that we have been able to come to an agreement with the opposition. I thank the shadow Treasurer opposite that we could come to an agreement on ensuring that measures that they had put in their forward estimates and that they had put in their costings—some 20 out of the 24 measures in that bill—have been agreed to unamended. That is a demonstration of the Turnbull government getting the job done in this 45th Parliament that was elected by the Australian people.

We have brought in those savings that included measures that they had opposed, in some cases, for three years—savings that those opposite had said before the last election that they would never support. I welcome the fact that they now support them. Equally, on this side of the House we have put forward measures which we did not wish to proceed with in order to reach agreement. That shows that, in this parliament, this government is dealing with the job of repairing the budget.

But, on top of that, it is also about doing this so we can drive the growth and jobs which we are delivering. Under this government, in the last year we have delivered two things, and that is jobs and it is growth—200,000 jobs, growth at 3.3 per cent. We are leading the advanced world. What this government is delivering to the Australian people is more jobs and more growth and a plan to deliver more jobs and more growth. This is a plan which escaped those opposite at the last election. As a result, they were rejected at the last election because they did not have an economic plan to continue to drive the successful transition of our economy from the mining investment boom to the more diversified base.

Today we note that both business confidence and consumer sentiment is up again. In particular, it is up on this time last year. In the last year, we have seen a rise in consumer confidence and a rise in business confidence, because this government has a plan for jobs and growth, and it is delivering jobs and growth.

Ms Burney interjecting

Photo of Tony SmithTony Smith (Speaker) Share this | | Hansard source

The member for Barton will cease interjecting. The member for Sydney is seeking the call.